As a researcher with extensive experience in the crypto market, I have witnessed numerous trends and fluctuations over the years. The recent popularity of Solana and its projects comes as no surprise to me, given the impressive development activity and innovative solutions they offer. However, it’s fascinating to see that meme coins built on Solana, such as Dogewifhat (WIF) and Bonk Inu (BONK), which once dominated headlines due to their meteoric rise, have since experienced a significant decline.
TL;DR
- Due to recent growth, Solana and its projects have gained popularity.
Ecosystem meme coins like Dogewifhat (WIF) and Bonk Inu (BONK) have seen significant declines after a substantial surge earlier this year.
The Unsurprising Leader
In 2024, Solana and numerous projects associated with it experienced a surge in popularity. Factors that could have played a role in this include SOL‘s strong upward trend at the end of 2023 and beginning of 2024, the growing size of its community, and innovative advancements within its ecosystem.
Santiment, a crypto analytics platform, has highlighted the leading 10 Solana projects with the most development activity over the past month.
It’s not surprising that Solana took the top spot with a score of 186.33. It is important to mention that the native token of this protocol, SOL, has been on a decline since late July, dropping by roughly 30% and currently valued at around $127 (as per Coingecko’s data).
A wormhole ranks second with a ratio of 90.5. Essentially, it functions as a connector between multiple blockchain networks like Solana, Ethereum, BNB Smart Chain, and more. This connector allows users to seamlessly transfer digital assets and data across these blockchains without the need for a centralized middleman.
Pyth Network ranks third, boasting a score of 68. It functions as a decentralized data provider network, with various entities contributing collectively to a single, shared data stream.
JITO and Neon compile the list of the top 5 projects. Following these are other projects associated with Solana, such as Drift, Orca, Helium IoT, Helium Mobile, and Metaplex.
The Missing Ones
It’s worth pointing out that meme coins associated with Solana’s network didn’t get included on the list. Coins like Dogewhatt (WIF), Bonk Inu (BONK), and numerous others, which were popular in the crypto world at the beginning of the year because of their soaring prices, were noticeably absent from it.
Recently, their advancement seems to have slowed down significantly. The meme coin with the largest market capitalization on Solana – the one known as WIF – is currently trading at approximately $1.52. This represents a drop of over 70% from its all-time high reached in April.
At this point, BONK (the second-largest), holds an approximate value of $0.00001666. This is a decrease of about 60% compared to its peak value in May.
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2024-09-07 11:18