Solana Meme Tokens Plummet After December Surge

The prices of most meme cryptocurrencies within the Solana ecosystem, including BONK, WIF, ANALOS, and others, have nearly halved over the past month. 

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.

The market capitalization of the coin also fell from a peak of $324 million to $78 million. 

Amid the meme token’s popularity, a crypto trader known as Blockgraze managed to turn $1,000 into $200,000.

Another dog-themed token, Bonk (BONK), has plummeted 70% from its December highs. 

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.

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. 

Some enthusiasts began hunting for the token’s airdrop using the Solana Saga Web3 smartphone, leading to a shortage of devices. 

The relatively new meme coin analoS (ANALOS) recorded a 92% drop from its December ATH. 

Despite the price drop, the asset shows a high trading volume of $26 million.  

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

The meme token Silly Dragon (SILLY) fell by 60% 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.” 

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

Less popular cat-themed meme cryptocurrencies like popcat (POPCAT) and Chipi (CHIPI) also fell by 89% and 93%, respectively. 

Simultaneously, Solana’s native token (SOL) dropped 14% over the past week to $90. 

The coin’s market capitalization remains at $40 billion with a daily trading volume of $2.8 billion. 

According to DeFi Llama, the total value locked on Solana is $1.25 billion, with the majority ($957 billion) concentrated on the staking platform Marinade Finance. 

On January 6, the daily transaction volume on the blockchain exceeded $40 billion, reaching its highest level since October 2022.