[Solana suffers $39 million outflow after meme coin craze ends]
Solana (SOL) takes a hit as meme coin craze cools down. SOL has previously received significant support due to memecoin trading activity on the Solana platform, specifically Dogecoin Fake (WIF) and Bonk (BONK). However, with the overall cryptocurrency market correcting, it’s clear that Solana’s meme coin craze is over.
WIF and BONK have lost 22.1% and 12.9% respectively in price over the past seven days. The market cap of the Solana meme coin currently stands at $5.57 billion, down 5.6% in the past 24 hours alone, according to CoinGecko. The meme coins native to the Solana network have plummeted in value, and some have even been sold off en masse.
As market interest in the Solana meme coin waned, digital investment products based on SOL also struggled. According to data from CoinShares, these products have seen $39 million flow out over the past week, a record high. This sharp drop is directly related to the decrease in Solana meme coin trading volume.
SOL is currently trading at $141.43, down 1.98% in the past 24 hours and losing 1.99% of its market capitalization. This indicates a lack of momentum in the Solana market, and the deterioration in the meme coin sector directly affects SOL’s price performance. To drive SOL prices higher, Solana’s memecoin market must pick up again.
