Solana experiences a 40% price drop due to the decline of meme coins. Learn about the impact on the crypto market.
Solana (SOL) has been on a downward trend in the past month, dropping 40% from its all-time high on January 19. This trend continues as the frenzy around meme coins fades. Trading volume on decentralized exchanges for Solana has reached its lowest levels since mid-December. Analysts believe that internal traders exploiting confidential information have caused pump and dump schemes, harming retail investors. Some statistics indicate that between 3.6 to 6.6 billion dollars worth of Solana coins have been mined. Meanwhile, Ethereum hit its highest price in the last 12 days but failed to sustain the trend. The total market value decreased by 3% with Solana being the biggest loser among the top 40 digital currencies.
