Solana’s Market Cap Nosedives by $47B, BONK Token Sparks Hope for Recovery
• Solana’s [SOL] market cap has nose-dived by over $47 billion in the past year.
• Solana’s market cap has shrunk 11 times to its press time value of $4.7 billion, while Ethereum’s market cap decreased by only three times over the same timeframe.
• Solana’s [SOL] community has gone „BONKers“ since the release of its very own dog-themed cryptocurrency token, sparking hope for a rally for the altcoin.
The cryptocurrency market is a volatile and unpredictable one. In the last year alone, the altcoin Solana [SOL] has seen its market cap wiped out by over $40 billion. This sharp decline has been attributed to many factors, including the collapse of FTX and the disclosure of the volume held by the now-defunct Alameda. The Solana community has been in a state of shock since the release of its own dog-themed cryptocurrency token, sparking a bit of hope that the altcoin might finally be able to make a recovery.
Despite the excitement, the market cap of Solana has nose-dived by over $47 billion in the past year. According to data obtained by CoinMarketCap, the downward trend in pricing had effectively wiped off more than $47 billion worth of the cryptocurrency’s market cap over the past year. When compared, Ethereum’s market cap decreased by only three times over the same timeframe, which meant that Solana’s market cap was now only 3.1% of Ethereum’s $148 billion.
The Solana community has been in a state of anticipation since the launch of its own token, hoping that this could be the catalyst for a long overdue rally. The token, dubbed BONK, has become quite popular with the community, with some claiming that it could serve as a store of value. The token is still in its early stages and its success is yet to be seen, but the overall sentiment within the community is positive.
It remains to be seen whether the BONK token can help Solana break out of its current downward trend. The altcoin has seen a slight surge in the past few days, but this has not been enough to compensate for its losses. For now, it seems that Solana holders will have to wait and see if the BONK token can help turn the tide for the altcoin.