Is the Solana chain Meme coin experiencing a sharp decline? BONK, WIF, POPCAT, and CHIPI have fallen more than 70% in the past month.

However, the craze for Meme coins on the Solana chain seems to have gradually cooled down. According to CoinGecko data, BONK has continued to fall since reaching a record high of $0.00003416 on December 15 last year, and has now dropped to $0.00001023, equivalent to a plunge of more than 70% in less than a month.

After reaching an all-time high of $0.331 on December 22 last year, Dogwifhat (WIF) has fallen by more than 76% and is quoted at $0.07911 as of the time of writing. Dogwifhat is famous for returning over 10,000% to one early investor.

In addition to mainstream cryptocurrencies, some Meme coins on the Solana chain have also experienced plummets. For example, Popcat (POPCAT) and Chipi (CHIPI). The price of Popcat has fallen by more than 88% from its all-time high of 0.04823 on December 22 last year. The price of Chipi has fallen by more than 93%, starting from the all-time high of 0.001406 on December 25 last year. These lesser-known coins have also been hit by the market, and investors need to treat them with caution.

Is the craze on Solana chain fading?

Hype for the Solana blockchain’s fast transactions, low fees, and the issuance of large meme coins appears to have driven a surge in activity on the Solana network since early December. This situation prompted the SOL price to skyrocket from $38 in early November until it exceeded $126 on December 25 last year, setting a new high since April 2022.

At the same time, the total locked value (TVL) on the Solana chain also continues to grow. The scale of TVL gradually increased from US$400 million in early November last year until it exceeded US$1.5 billion on January 2 this year, reaching US$1.53 billion, the highest level since August last year.

Solana’s TVL has been declining in recent days and is now down to $1.25 billion. According to Coindesk’s interpretation, this may be because despite the crazy growth of SOL’s valuation, the newly launched products of the Solana ecosystem did not provide enough motivation, causing funds to begin to obviously flow to other blockchain projects.

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