Solana Token Plummets to $150 as Traders Flock to New Meme Coin
Solana (SOL) price is tumbling amid a sudden drop in non-vote network transactions, with many retail traders labelling Solana meme coin season over.
This article will provide an analysis of SOL’s current price trends and look to see whether an innovative new GameFi project, PlayDoge, represents a more promising investment opportunity at this time.
It’s no secret that Solana has become the hotspot for retail investors over the past few months; however, in a surprise move – seemingly exhausted meme coin traders appear to be shifting their attention away from the 2024 poster boy.
Looking at On-Chain data, the dramatic increase in transactions on the Solana Network, which maxed out at 873.17M non-vote transactions in February, appears to have dwindled back down to low levels not seen since June 2021.
This suggests that Solana retail traders are completely fatigued, with fresh capital or potentially confidence exhausted in Q2.
Amid a broader retracement across the crypto market and with investors shifting their attention to the Summer sun, it could be a long wait for the highly anticipated Q3, which should see stimulus from Federal Reserve rate cuts and the biting edge of the recent adjustment in Bitcoin supply dynamics.
Indeed, the Halving Event can already be seen pressuring Bitcoin Miner’s bottom line as subsidy rewards plummet post-Halving, fuelling a quick-fire sell-off by miners eager to make ends meet – a tell-tale sign of the impending supply shock effect.
The wider impact of Bitcoin price volatility in the midst of miners under pressure is having an obvious knock-on impact on the strength of Solana – with retail’s short-time frame confidence in Bitcoin’s price trajectory still standing albeit shaken.
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