Following a period of immense growth in December, meme coins on the Solana network have seen a significant decline, averaging an 80% drop. Token bonk (BONK), noted for its surge of over 1,000% and noteworthy listings on exchanges such as Binance and Coinbase, is among those whose price has dropped, showing a decrease of 70% from its peak in December. Similarly, Dogwifhat, a meme coin recognized for its substantial returns for early investors, has experienced a nearly 80% slump.

This decline has also extended to other, more obscure tokens within the Solana ecosystem, like popcat (POPCAT) and chipi (CHIPI), both of which are now down over 90% from their all-time highs. Despite this fall, their communities remain optimistic for a potential resurgence.

The Solana network saw an increase in activity during December, with factors such as listing on major exchanges and the creation of meme coins contributing to its sudden popularity. As a result, Solana’s native token (SOL) prices increased drastically from $38 in November to almost $120 in December, reflecting a growth in the value locked on Solana applications.

However, by the end of December, the situation began to reverse as newer projects struggled to gain momentum and capital started to shift towards opportunities on other blockchains. Unsurprisingly, this significant shift has led to discussions amongst investors about a potential devaluation.

Investor sentiment towards the Solana network appears to have cooled off. Proponents are now predicting diminished value in Solana’s future, suggesting that it could potentially fall into the $70 range. In contrast to its previous hype, Solana, along with its popular meme coins, now faces a period of uncertainty and potential continued decline.