Posted 1/8/2024, 6:06:25 AM
Solana Token Falls 12% as Airdrop Hype Fades, Interrupting End-of-Year Rally
- Solana's native token SOL has plummeted 12% over the past 24 hours, interrupting its end-of-year upswing
- The previous SOL price rally was driven by hype around airdrops from new tokens being listed on exchanges in December
- Activity has slowed after the initial airdrop euphoria, with related tokens like JITO, DogWifHat, and BONK seeing 40-44% dips
- Solana's total value locked (TVL) also hit a peak of 15.4 million SOL on December 19th, but has since fallen 17%
- Crypto commentators like Max Keiser and Pentoshi suggest SOL may continue to decline, possibly into the $70-80 range