In mid-December, BONK, dogwifhat (WIF) and other Solana meme coins made a name for themselves with all-time highs. But now the price curves have turned into a negative trend.
Solana (SOL), alongside Bitcoin ETFs, is the topic of the moment in the crypto scene. Solana’s comeback is manifested not only in price levels above $100, but also in other meaningful indicators such as network activity. Meme coins like BONK and dogwifhat (WIF), which are located in the Solana ecosystem, made their big appearances in December and made some investors rich with all-time highs.
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But now the big Solana meme coins seem to be out of steam
BONK recorded a minus 24 percent in the price curve over the last 14 days and is now already 60 percent away from its all-time high. Dogwifhat (WIF), which was only launched in December, has also achieved its pre-Christmas all-time high. After a 14 percent decline at dogwifhat over the past two weeks, WIF is trading 55 percent below its all-time high. POPCAT also only started in December and the rise only lasted for a short time. Minus 43 percent in POPCAT’s price curve since Christmas Eve pushed the Solana meme coin to 81 percent away from its all-time high.
However, the blockchain data on the Solana ecosystem continues to show continued interest in the meme coins, where BONK and WIF each account for well over $10 million in daily trading turnover on decentralized crypto exchanges. BONK has achieved a coup in this segment by listing futures on Binance and other trading platforms and is almost magically attracting risk-taking investors.
So Solana meme coins, led by BONK, have probably not had their day yet. Anyone who wants to invest here can currently study how quickly the boom for meme coins cools down and how quickly they can incur losses.
Conclusion: Solana and meme coins – a sensible combination?
Solana has at least demonstrated the performance of its network through the meme coins that are popular in the community. The sense and nonsense of meme coins like BONK, dogwifhat and POPCAT can be debated because they lack real use cases. As an investor, you have to decide for yourself whether you want to enjoy the thrill of trading highly volatile meme coins. Dogecoin (DOGE) , the mother of all meme coins, has lost 13 percent of its value over the last 14 days and is in danger of falling out of the TOP 10 of the most capitalized cryptocurrencies for the first time since summer 2022.
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First published in BLOCK-BUILDERS.DE. A third-party contributor translated and adapted the articles from the originals. In case of discrepancy, the originals will prevail.
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