Solana’s Market Woes Continue With A 32% Monthly Drop—Details
Solana's price has dropped 32% in the last four weeks, significantly more than Bitcoin's 10% and Ethereum's 15% declines. The decline follows a surge in meme coin activity that initially boosted trading volume but resulted in over $26 million in losses due to rug pulls and failed projects. At least 12 meme coin initiatives have collapsed within 30 days, negatively impacting investor sentiment. Analysts express concerns that Solana may become a hub for pump-and-dump schemes, undermining sustainable development. Network congestion has increased due to the popularity of meme currencies, leading to slower transaction speeds and higher fees. In contrast, Bitcoin and Ethereum have shown greater resilience during this market slump, maintaining investor confidence.
