The recently-spiked frenzy of Solana-based memecoins seems to have come to an end as major trending meme tokens have taken a sharp decline including BONK which has dropped 13% in the past 24 hours.
Among the leading, BONK has fallen nearly 13% which is at its lowest of the past two weeks, according to data from Coinmarketcap.
Another popular memecoin in Solana ecosystem, Dogwifhat (WIF) has also nearly 50% from its top recorded on December 22, and recently hyped ANALOS has also dropped over 60% in the past 24 hours.
These sharp pullbacks in prices indicate that early investors have taken profits and probably have sold their holdings.
The selling could also coincide with Solana (SOL) price which gained significantly during the past couple of weeks and is currently positioned around $110 after surpassing $100 in a continuous rally.
Other tokens in the Solana ecosystem – including ORCA, JTO, and RAY – have also dropped after accompanying the SOL price rally throughout the past couple of weeks.
The recent Solana rally was led by the enormous spike in BONK price which surged 900% between early November and December with it becoming the third largest memecoin after flipping PEPE.
The Solana trend was also fueled by the Solana Saga phone frenzy which took the crypto ecosystem by storm.
Also Read: Solana Overtakes BNB as 4th Biggest Crypto
