Meme Coins on Solana Blockchain See Rapid Drop After December Surge
Meme coins on the Solana blockchain have been experiencing a significant decline following their surge in December. In particular, bonk tokens and Dogwifhat, two popular memecoins on Solana, have seen substantial drops in value.
Bonk Tokens Plummet Over 70%
Bonk tokens, which had previously rallied over 1000% in December, have plummeted by more than 70% from their peak. Currently trading at just $0.00001069, the decline is surprising considering Bonk’s listing on exchanges like Binance and Coinbase.
Dogwifhat Drops Almost 80%
Dogwifhat, another memecoin on Solana known for its dog wearing a beanie logo, has also seen a drop of almost 80%. Despite providing early holders with impressive returns during the December boom, it is now trading at $0.09279.
Trader Turned $226,000 into Over $1.6 Million
In mid-December, a trader reportedly turned $226,000 into over $1.6 million by purchasing Dogwifhat tokens. The trader made a profit of about $1.47 million within five days as the token’s value soared.
Other Lesser-Known Tokens Also Experience Drops
Lesser-known tokens on Solana, such as Popcat and chipi, have dropped by over 90% from their peak values.
Rapid Growth Followed by Decline
Solana experienced rapid growth fueled by its reputation for fast and inexpensive transactions and the popularity of meme coins minted on the blockchain. However, the inflated valuations led to profit-taking and a decline in late December. Investors have shifted their capital towards tokens on other blockchains.
Hot Take: Solana Memecoins Face Significant Decline After December Boom
Meme coins on the Solana blockchain, including bonk tokens and Dogwifhat, have seen a rapid drop in value after experiencing a surge in December. Bonk tokens have plummeted over 70% from their peak, while Dogwifhat has dropped almost 80%. This decline is surprising considering their listing on major exchanges like Binance and Coinbase. Additionally, other lesser-known tokens on Solana, such as Popcat and chipi, have also experienced significant drops. Solana’s rapid growth was driven by fast and inexpensive transactions, as well as the popularity of meme coins. However, inflated valuations led to profit-taking and a decline in late December. Investors have since shifted their capital towards tokens on other blockchains.
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