Solana (SOL)'s price dropped sharply on Monday amidst a market rout, plummeting to $110, a level last reached in March this year.
Solana (SOL)'s price dropped sharply on Monday amidst a market rout, plummeting to $110, a level last reached in March this year. The broader crypto market has been rocked by U.S. recession fears and the unwinding of carry trades involving the Japanese yen. Over the past week, Bitcoin (BTC)'s value has fallen by 20%, while Solana has seen a 30% drop from $185, currently rebounding slightly to just below $140.
This decline coincided with significant losses in the network's popular memecoins. Dogwifhat (WIF), a memecoin that peaked at $4.58 in March, has experienced a severe 40% decline over the past week, now trading at $1.40. Launched last December, Dogwifhat’s rapid rise earlier this year captured Solana’s growing influence in the memecoin sector. Among the top 100 cryptocurrencies by market cap, Dogwifhat has led in weekly losses, with its total market value dropping by over $1 billion. Another Solana-based memecoin, Bonk (BONK), has also been affected by the market downturn. Bonk’s value has dropped 33% over the past week, now priced at $0.000018.
Among Solana-based memecoins with substantial market caps, those themed around cats have suffered particularly severe losses. On Monday, MEW and POPCAT saw declines of 27% and 34%, respectively. POPCAT's recent fall comes shortly after achieving an all-time high of $0.98 in mid-July. However, MEW and POPCAT recovered slightly on Tuesday, gaining 34% and 33% respectively.
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