Solana Bounces Back After Faces Steep Decline Amid Market Turmoil

On Monday, Solana (SOL) experienced a significant price drop amidst a broader market downturn, hitting $110, a level last seen in March of this year. This decline in Solana's value is part of a wider crypto market shakeup driven by fears of a U.S. recession and the unwinding of carry trades involving the Japanese yen. Over the past week, Bitcoin (BTC) has seen a 20% drop, while Solana has plunged 30% from $185, though it has since made a slight recovery to just above $142.

The fall in Solana's price was mirrored by notable losses in the network's popular memecoins. Dogwifhat (WIF), which peaked at $4.58 in March, has suffered a steep 40% decline over the past week, now trading at $1.40. Launched last December, Dogwifhat's impressive rise earlier this year highlighted Solana's growing presence in the memecoin market. Among the top 100 cryptocurrencies by market cap, Dogwifhat has experienced the most significant weekly losses, with its total market value dropping by over $1 billion. Another Solana-based memecoin, Bonk (BONK), has also been hit hard, with its value decreasing by 33% over the past week, now priced at $0.000018.

Solana-based memecoins with substantial market caps, particularly those themed around cats, have seen severe declines. On Monday, MEW and