SOL Nosedives by $4.80B in 24 Hours as Meme Coin Craze Wanes, Will It Recover?

Solana was among the altcoins that outperformed during the latest market rally, with SOL-based meme tokens such as WIF, BONK, and BOME hitting new all-time highs.

Solana (SOL) had a rough weekend as its market cap dropped by a significant amount. The metric nosedived by over $480 million within the last 24 hours, decreasing from $61.99 billion to $57.21 billion. This shift marks a notable decline for the altcoin.

The worsening performance of SOL is also evident in its price action, which has been trending downwards in the past few months. After rising to 6 June levels of $170, the token slid further to today’s value of $127.78, showcasing a 25% monthly drop.

Solana (SOL) saw its market cap decrease drastically on Monday, March 27, dropping by over $480 million within the last 24 hours. The metric, which stood at $61.99 billion on Sunday, decreased to $57.21 billion.

This shift saw Solana’s market cap ranking slip further down the list of top cryptocurrencies. At press time, the altcoin was trading in 9th place, with Binance Coin (BNB) and Polygon (MATIC) above it.

The worsening performance of SOL is also highlighted by its price action, which has been trending downwards in the past few months. After rising to 6 June levels of $170, the token slid further to today’s value of $127.78, showcasing a 25% monthly drop.

However, some traders believe that Solana will hardly recover in the upcoming sessions. For instance, Helius Labs CEO Mert Mumtaz claims to be leaving the market forever as “crypto is over.”

I sold everything I had. Every coin I owned is gone. I'm completely out of the cryptocurrency market, I can't take it anymore. Aggressive dumping, manipulation, everything is so intense.

crypto is over, I am out, I am very glad to meet you, life has dreams, each is wonderful. pic.twitter.com/8NQIWVmQBb

Top Solana (SOL)-based meme coins also flashed bearish tendencies, losing up to 30% on their 7D charts. Meme digital assets, which sparked the latest bull cycle in the crypto world, seemed to lose steam after the robust uptrends.

Top meme tokens, including Shiba Inu, Dogecoin, and PEPE, extended their weekly losses with double-digit declines. The total market cap of meme cryptocurrencies also declined, dropping by 6.55% over the past day to $44.35 billion.

While themed digital assets, such as meme coins, appeared to have reached the end, Solana may be eyeing “ghost chain” status, according to some traders.

Solana memes might be over move to other chains the SPL token volume Is bottomed just seems dead almost like solana is about to turn into a ghost chain

Besides the fading meme coin craze, several interconnected factors contributed to SOL’s latest price dip. Network downtimes and surging competition from rival blockchains culminated in the downside as bears dragged Bitcoin toward $60K on Monday.

The bellwether crypto was trading at press time at $61,094, following a 5.02% decline over the past day. The latest downswing came after extended negative sentiment in the market. Bitcoin seems set to collect liquidity at the $59,625 – $62,540 FVG (Fair Value Gap).

That means BTC can lose another chuck this week to tap the $59,625 mark before rebounding. Traders will likely watch Bitcoin’s anticipated near-term bounce and whether meme tokens can capitalize on the sentiments to recover.

News source：https://www.kdj.com/cryptocurrencies-news/articles/sol-nosedives-b-hours-meme-coin-craze-wanes-recover.html

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