"There's a profit, take it out, what else? Does anyone want to hold it?"
The attractiveness of the Solana (SOL) ecosystem is fading as early investors start profit-taking, causing memecoin BONK to fall back immediately after successfully peaking at $0.000025 on December 15, 2023.
Through observation, other SOL-based memecoins such as WIFI and ANALOS also saw a decline when their prices dropped by 15% and 50% respectively while futures traders suffered a loss of $13 million in liquidations when the price of SOL dropped by 5.83%.
However, trading volume on SOL-based DEX applications remains high as it contributes 26% of all DEX trading volumes across the cryptocurrency space, where it is higher than regular players Ethereum (ETH), Arbitrum (ARB) and BNB Chain (BNB). .
Please note that the SOL ecosystem grew rapidly earlier this month when BONK climbed over 1,000% to be listed on Binance and Coinbase plus the Saga Solana phone price reached $5,000 due to investors wanting to get 30 million BONK tokens.
SOL is also the strongest choice among on-chain traders as metrics from last week show trading volume and network fees surpass ETH which is usually the highest.
So here it can be seen that the hype of fast blockchain transactions, cheap fees and memecoin production seems to have boosted the SOL network since early December 2023 pushing its price to $126 from $38 in early November.
The value locked in on SOL applications increased to $1.3 billion from $400 million in November 2023 to reach levels previously seen in July 2022.
As of this writing, SOL price has plunged by 5.83% to $105 in the last 24 hours with a market capitalization of $44 billion while BONK is down 7.56% to $0.000014 and 20.79% over the last week.
