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Solana Meme Coins See 80% Price Drop After December Frenzy

A frenzied demand for meme coins issued on the Solana network seems to have fizzled in the past week as newer tokens fail to gather a meaningful community and prices of recent favorites continue to plunge. Dog-themed token bonk (BONK) – whose prices rallied more than 1,000% in a three-month period – is down over 70% from a December peak that saw the token listed on prominent exchanges. Dogwifhat, which gained stickiness among crypto holders with a picture of a dog wearing a hat, is down nearly 80% after generating hype. The Solana ecosystem boomed in December as bonk tokens started a multiweek run of over 1,000%, grabbing listings on influential exchanges Binance and Coinbase.

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