The once popular Bonk token, which had surged by more than 1,000% in the final months of 20XX, has now fallen by over 70% since December. Its listing on major exchanges like Coinbase and Binance had propelled it to the 43rd position among the largest crypto assets. However, it has now slipped to the 74th spot.
Another meme token called Dogwifhat, known for its image of a dog donning a hat, has also suffered a significant drop of nearly 80%. In December, amidst the hype surrounding this meme coin, an individual going by the pseudonym Blockgraze shared how they had invested $1,000 in Dogwifhat and made $100,000 in profits.
Lesser-known tokens like Popcat and Chipi, both cat-themed, have seen an even more dramatic decline, losing over 90% of their value since reaching their peak last year.
In December, the Solana ecosystem experienced a significant surge. The Solana Saga phone prices skyrocketed to over $5,000, propelling the price of SOL from $38 in early November to almost $120. By the end of December, Solana secured the fourth position in market capitalization but has now slipped back to fifth place, trailing behind BNB.
Early January saw CoinGecko, a prominent platform for analyzing the largest digital assets by capitalization, reporting that 92 out of the top 100 assets had experienced price increases in 2023, yielding profits for their holders. Within this analysis, they also highlighted the Bonk meme coin as the leading cryptocurrency in terms of growth, with a staggering 7,302% increase over the year.