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In the final days of 2023, Solana ecosystem traders appear to be collecting their profits, pushing the native token and other assets into the red.\u00a0<\/p>\n
Solana erased gains Thursday morning, dipping close to 10% in 24 hours to just under $100 after nearly hitting $125 earlier in the week. The ecosystem\u2019s native token (SOL<\/a>) still remains up around 75% since late November and 776% since the start of 2023.\u00a0<\/p>\n Solana meme coin BONK, which gained more than 19,000% since October, is now down 58% since its highs earlier this month.\u00a0<\/p>\n Read more:<\/strong> BONK\u2019s price pumped harder around Coinbase listing than any other crypto this year<\/a><\/p>\n BONK lost 18% in 24 hours Thursday, putting the token down more than 30% over the past week. The coin is still up close to 200% in the past month and 11,411% over the past year.\u00a0<\/p>\n BONK, created in the aftermath of FTX founder Sam Bankman-Fried\u2019s downfall<\/a> in 2022, came onto the scene when Solana sentiment was at a low. Since then, however, several Solana projects have integrated BONK for payments, helping increase adoption and, in turn, its price.\u00a0<\/p>\n \u201cThe rally also correlates with renewed enthusiasm around Solana<\/a>, which has remained resilient despite immense headwinds triggered by FTX\u2019s collapse. SOL is one of the year\u2019s best performers and is far outpacing ETH since early Fall, with the SOL\/ETH price ratio reversing for the first time since 2021,\u201d analysts from crypto research firm Kaiko said earlier this month.\u00a0<\/p>\n Read more:<\/strong> Solana DEXs book record volumes following airdrops<\/a><\/p>\n Meme coins<\/a> on the whole are nowhere near the all-time high trading volumes recorded in 2022 though, but top tokens still remain above the two-year average.\u00a0<\/p>\n Despite the dip, 2023 on the whole has been an eventful year for the Solana blockchain. 85% of protocols on the chain are now open source, as opposed to 30% in 2021. Circle also debuted its Euro stablecoin (EURC<\/a>) on Solana in December. The stablecoin issuer selected Solana for its \u201culta-fast, near zero cost network,\u201d Circle said<\/a> on X at the time of launch.\u00a0<\/p>\n Read more:<\/strong> Solana fans suddenly BONKers over the Saga phone<\/a><\/p>\n Thursday\u2019s selloff follows an explosive few months for altcoins, which saw tokens like Polygon (MATIC<\/a>) and Chainlink (LINK<\/a>) gain 78% and 105%, respectively, since October.\u00a0<\/p>\n In the week ending Dec. 10, Solana investment products saw inflows of $3 million, according to data from CoinShares Research. SOL and Avalanche, which clocked $2 million in inflows over the same period, are \u201cfirm favorites in the altcoin space,\u201d James Butterfill, head of research at CoinShares, said.<\/p>\n