#RamadanGiveaway

only those with sun will enjoy and comment

Solana experienced a significant drop, with its price decreasing approximately 50% from a high in January of $295 to $140 in mid-February.

This sharp decline was primarily attributed to a reduction in on-chain activity, a slowdown in the memecoin sector, and broader market challenges.

The Total Value Locked in the Solana network fell from $12 billion in January to just over $7 billion in February.

Major decentralized applications, such as Raydium and Jupiter DEX, experienced drops in user engagement of 60% and 25%, respectively.

The memecoin sector, which had a combined market capitalization of $25 billion in December 2024, shrank to $8 billion in February, with some assets losing more than 80% of their peak value.