Bonk falls 70% from all-time high as memecoin demand on Solana decreases

The demand for Solana SOL -1.55% -based memecoins has decreased in the past week as they retrace a significant portion of December 2023's gains.

The ten top Solana-based memecoins by market capitalization, such as Bonk ( BONK -6.48% ), dogwifhat (WIF) and Popcat (POPCAT) have declined by 25%, 55% and 38%, respectively, in the past seven days.

Bonk has fallen by over 70% from its all-time high recorded on Dec. 15, 2023, according to The Block's Prices Page. The memecoin had posted gains of over 11,000% during its lifespan last year and is listed on prominent cryptocurrency exchanges, such as Binance and Coinbase.