Posted 1/8/2024, 7:46:00 AM
Solana Meme Coin Frenzy Fizzles Out After 1000% Spike and $1B Influx into DeFi
- Solana meme coins like BONK, Dogwifhat, POPCAT, and CHIPI saw prices surge over 1000% in December but have since dropped 70-90%
- The frenzy kicked off after BONK's rally and listings on major exchanges like Binance and Coinbase
- This boosted hype and activity across Solana, with prices of the Saga phone and SOL token surging and trading volumes topping Ethereum's
- But newer meme coin launches failed to gain traction and prices started falling in late December as investors took profits
- Value locked in Solana DeFi grew to $1.3B in December from $400M in November but has since declined amidst the meme coin sell-off