Why Solana price decline day by day.
1 : ETF
2 : Memecoin Bonk
The price of Solana's native token, SOL, has dropped approximately 15% in the last seven days, reaching a low of $138.22 on August 16 Âč. Several factors contribute to this decline, including:
Memecoin sell-off Solana memecoins, like Dogwifhat (WIF) and Bonk (BONK), have posted double-digit losses, leading to a decline in on-chain activity within the Solana ecosystem
Market competition
The approval of spot Ether exchange-traded funds (ETFs) in the United States has shifted investment interest towards Ethereum, contributing to the decline in Solana's price
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