Solana coins, which have recently gained popularity in the cryptocurrency market, have suffered significant losses in the last 24 hours. According to GMGN data, tokens such as ELIZA, ARC, APPLE, DRUGS, ai16z, PNUT, BLINK and SEND recorded double-digit declines. Here are the details
Solana coins on the decline
Solana has become a popular platform for decentralized applications (dApps) and decentralized finance (DeFi) projects thanks to its high transaction speed and low costs. The ecosystem is home to notable projects such as Serum (DEX), Raydium (AMM) and Solend (lending protocol). However, meme tokens in this ecosystem often gain value based on speculative movements and social media trends. According to market data, here are some of the tokens that have declined and their losses:
ELIZA: Down 40.2% to a market capitalization of $43.1 million.
ARC: down 25.3% to $130 million.
APPLE: down 41.1% to $15.8 million.
DRUGS: down 34.2% to $13.5 million.
ai16z: down 25.4% to $706 million.
PNUT: down 10.37% to $653 million.
BLINK: down 24.43% to $7.6 million.
SEND: down 29.8% to $78 million.
Declines of more than 40%, especially in tokens such as APPLE and ELIZA, caused concern among investors. Declines in ai16z and PNUT, which have higher market capitalizations, also indicate a general selling pressure in the market. Meanwhile, warnings about meme coins have drawn attention. The warnings emphasized that meme coins generally have no practical use, experience significant price fluctuations and should be approached with caution. It is important to conduct detailed research and consider risk tolerance before investing in meme coins. With the general volatility of the cryptocurrency market combined with the risks specific to meme coins, investors need to be prepared for potential losses.
Solana affected by the general downturn in the market
So why are Solana coins falling hard? To answer this, we need to look at price movements in the broader cryptocurrency market. Bitcoin (BTC), the world’s leading cryptocurrency, experienced significant volatility following the Federal Reserve’s (Fed) latest monetary policy announcement. It briefly dipped below the psychological $100,000 level before recovering. The price action reflects broader market uncertainty as investors digest the Fed’s more conservative approach to rate cuts in 2025. Many altcoins have also been affected by the market giant’s decline. The downturns are hitting the meme coin sector the hardest, which is the most volatile.
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