{"id":9622,"date":"2024-01-08T13:41:52","date_gmt":"2024-01-08T11:41:52","guid":{"rendered":"https:\/\/forklog.com\/en\/solana-meme-tokens-plummet-after-december-surge\/"},"modified":"2024-01-08T13:41:52","modified_gmt":"2024-01-08T11:41:52","slug":"solana-meme-tokens-plummet-after-december-surge","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/solana-meme-tokens-plummet-after-december-surge\/","title":{"rendered":"Solana Meme Tokens Plummet After December Surge"},"content":{"rendered":"

The prices of most meme cryptocurrencies within the Solana ecosystem, including BONK, WIF, ANALOS, and others, have nearly halved over the past month.\u00a0<\/p>\n

\"\u041a\u043e\u0442\u0438\u0440\u043e\u0432\u043a\u0438
Dynamics of meme tokens on Solana. Data: CoinGecko<\/a>.<\/figcaption><\/figure>\n

The dogwifhat (WIF) token, launched in November 2023, has notably dropped by 76% from its peak of $0.33. At the time of writing, the asset is trading at $0.08.<\/p>\n

\"\u041a\u043e\u0442\u0438\u0440\u043e\u0432\u043a\u0438
Hourly chart of WIF\/USDT on MEXC exchange. Data: TradingView<\/a>.\u00a0\u00a0<\/figcaption><\/figure>\n

The market capitalization of the coin also fell from a peak of $324 million to $78 million.\u00a0<\/p>\n

Amid the meme token’s popularity, a crypto trader known as Blockgraze managed to turn $1,000 into $200,000.<\/p>\n

Another dog-themed token, Bonk (BONK), has plummeted 70% from its December highs.\u00a0<\/p>\n

\"\u041a\u043e\u0442\u0438\u0440\u043e\u0432\u043a\u0438
Hourly chart of BONK\/USDT on Bybit exchange. Data: TradingView<\/a>.\u00a0\u00a0<\/figcaption><\/figure>\n

The asset is currently trading at $0.00001018. The decline was accompanied by a reduction in market capitalization (from $1.5 billion to $620 million) and trading volumes.<\/p>\n

BONK was launched in 2022 but did not gain traction until December 2023, when it surged a hundredfold following its listing on Coinbase and Binance.\u00a0<\/p>\n

Some enthusiasts began hunting for the token’s airdrop using the Solana Saga Web3 smartphone, leading to a shortage of devices.\u00a0<\/p>\n

The relatively new meme coin analoS (ANALOS) recorded a 92% drop from its December ATH<\/span>.\u00a0<\/p>\n

\"\u041a\u043e\u0442\u0438\u0440\u043e\u0432\u043a\u0438
Hourly chart of ANALOS\/USDT on Bybit exchange. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

Despite the price drop, the asset shows a high trading volume of $26 million.\u00a0\u00a0<\/p>\n

Previously, an unknown user managed to earn over $5.7 million by investing just 30 SOL ($2,220 at the time) in ANALOS.<\/p>\n

The meme token Silly Dragon (SILLY) fell by 60%<\/a> from its peak last month. The asset emerged on November 8 following a post by Solana co-founder Anatoly Yakovenko, which read: “the year of the silly dragon.”\u00a0<\/p>\n

One trader managed to turn 1 SOL (~$61 at the time) into $2 million in just 22 days with a single SILLY trade.\u00a0<\/p>\n

Less popular cat-themed meme cryptocurrencies like popcat (POPCAT)<\/a> and Chipi (CHIPI)<\/a> also fell by 89% and 93%, respectively.\u00a0<\/p>\n

Simultaneously, Solana’s native token (SOL) dropped 14% over the past week to $90.\u00a0<\/p>\n

\"\u041a\u043e\u0442\u0438\u0440\u043e\u0432\u043a\u0438
Hourly chart of SOL\/USDT on Coinbase exchange. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

The coin’s market capitalization remains at $40 billion with a daily trading volume of $2.8 billion.\u00a0<\/p>\n

According to DeFi Llama<\/a>, the total value locked on Solana is $1.25 billion, with the majority ($957 billion) concentrated on the staking platform Marinade Finance.\u00a0<\/p>\n

On January 6, the daily transaction volume on the blockchain exceeded $40 billion, reaching its highest level since October 2022.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

The prices of most meme cryptocurrencies within the Solana ecosystem, including BONK, WIF, ANALOS, and others, have nearly halved over the past month.\u00a0 Dynamics of meme tokens on Solana. Data: CoinGecko. The dogwifhat (WIF) token, launched in November 2023, has notably dropped by 76% from its peak of $0.33. At the time of writing, the […]<\/p>\n","protected":false},"author":1,"featured_media":9621,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1161,1150,1159],"class_list":["post-9622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-memes","tag-news-plus","tag-solana-sol"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/9622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=9622"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/9622\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/9621"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=9622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=9622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=9622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}