Solana Price Craters 40% From January High as Meme Coin Bubble Bursts

Description

Solana (SOL) has been downtrending and retracing heavily over the past month. The asset has declined 40% since its Jan. 19 all-time high of $293, and the trend seems set to continue as meme coin mania fades. Moreover, SOL is down a further 8% on the day, falling below $170 for the first time since early November. Solana’s popularity and high usage in recent months have been primarily driven by meme coin minting and speculation, but that has started falling . Degens have flocked to the low-cost b...