- Solana’s price plunged 30% in a week, reaching its lowest level since February at around $110.
- Dogwifhat, a popular Solana-based meme coin, dropped 43% over the past week as meme coin mania took a hit.
- Other Solana-based meme coins like Bonk, MEW, and POPCAT also suffered significant losses amid broader market turmoil.
The price of Solana has plunged over 30% in the past week, falling to its lowest level since February. The network’s most popular meme coins like Dogwifhat and Bonk have also experienced significant declines during this period.
Solana Price Drop
Solana’s price dropped to $110 on Monday, marking a 30% decline over the past 7 days. Fears of a US recession and the unwinding of carry trades involving the Japanese yen have fueled a broader cryptocurrency market rout over the past week. Bitcoin’s price has fallen 20% during this time, while Solana’s plunge has been even more pronounced. After partially rebounding from the earlier low, Solana was trading below $132 on Monday.
Meme Coin Declines
Dogwifhat, a Solana-based meme coin that hit an all-time high of $4.58 in March, has plunged 43% over the past week to $1.33. The total market cap of Dogwifhat’s circulating supply has fallen by over $1 billion during this period.
Bonk, another dog-themed Solana meme coin, has dropped 33% over the last 7 days to $0.0000018. As investors have exited risk assets broadly amid recession fears, Bonk has been caught up in the sell-off.
Trading Volumes
Despite the declines, trading volumes for these meme coins remain high. On Saturday, Solana’s Raydium exchange saw $12 billion in daily volume, just below its record $12.1 billion in March.
On Monday, over $18 billion worth of Dogwifhat was traded, exceeding the meme coin’s total market cap. Many were swapping Dogwifhat for the stablecoin Tether (USDT) across various exchanges.
Wider Context
While Solana’s weekly drop has been especially steep, Ethereum’s crash late Sunday pushed the market caps of ETH and SOL closer together than ever before. The ratio of their prices hit an all-time high, reflecting Solana’s outsized losses.
Conclusion
Meme coins like Dogwifhat and Bonk have powered Solana’s rise this year, but their major declines over the past week signal apprehension in the market. As cryptocurrency prices fall broadly, these speculative assets have been the first to see massive sell-offs. Solana’s 30% weekly plunge puts its meme coin mania to the test during a period of broader unease.
