Price Drops 20% as Investors Flee Core Ecosystem

Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Sep 4, 2024 18:17

Solana (SOL) is facing uncertainty as its price, currently around $128, has dropped by 20% over the past 11 days. A key reason for this decline is the flood of meme token launches on the platform, which coincided with Solana’s price stagnation. Instead of driving user engagement and boosting transactions, these meme tokens drained focus and funds from Solana’s core ecosystem. As a result, the influx of low-utility tokens has weakened Solana, diverting investment away from more meaningful, long-term projects.