Solana Dips Below $100 as Meme Coin Trading Reverses Course

Solana (SOL) has taken a hit and was earlier today trading for below $100 per coin.

CoinGecko data shows that the asset is also now no longer the fourth biggest cryptocurrency by market cap after having jumped briefly above Binance's BNB earlier this week.

The price of SOL now stands just below $100, a 7% 24-hour dip, according to CoinGecko.

Still, the Ethereum competitor is up nearly 15% over a seven-day period—and over the past month it has jumped by 78%.

Renewed investor interest in SOL means that it has been the best-performing cryptocurrency since November.

Some market observers expected the coin, which runs on the advanced open-source blockchain used by developers to build apps, would suffer following the trial of FTX founder Sam Bankman-Fried last month. His criminally mismanaged digital asset exchange was heavily invested in the protocol.

But investors instead saw the advantages of the blockchain and its native coin and poured money into it.

That, combined with a short squeeze (when those who bet on the price of an asset are forced to buy it to cover their losses), led to the price of SOL to jump in value significantly.

In just three months, SOL has soared by 395%.

SOL's nosedive has coincided with other cryptocurrencies which run on its blockchain suffering losses as well. Hype around meme coin Bonk (BONK) has also died down.

The dog-themed asset's price shot up earlier this month but investors are now moving their interest elsewhere, it seems: the token is down 9% in 24 hours; over the past week, it has dropped by more than 26%.

BONK's market cap has also steadily been declining—in a matter of two weeks it has gone from being the 69th biggest digital asset to now the 90th.

Investors have shifted their cash to Dogwifhat (WIF) instead. The token also runs on Solana and is today up 9%, trading for $0.149830.