The meme coin frenzy that once electrified the crypto space is now facing a harsh reality check. In just one month, Solana (SOL) plummeted from its peak of $293 on January 19, 2025, to around $141 by February 25 — a staggering 50% drop. This dramatic correction wasn’t triggered by macroeconomic shocks alone, but primarily by the rapid deflation of meme coin speculation on the Solana blockchain.
As the euphoria fades, investors are questioning whether veteran meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) can weather this market downturn better than their newer counterparts.
The Rise and Fall of Solana’s Meme Coin Hype
Solana, once hailed as Ethereum’s strongest competitor, became the epicenter of the 2025 meme coin boom. Its high-speed transactions and low fees attracted a wave of retail investors eager to chase quick gains from newly launched tokens.
The tipping point came with Trump Coin (Official Trump). Launched unexpectedly on January 17, 2025 — just before the U.S. presidential inauguration — this Solana-based token capitalized on political momentum and speculation about pro-crypto policies under a new administration. Within hours of listing on major exchanges, Trump Coin surged from $7 to an intraday high of $75.35, an increase of nearly 970%.
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This frenzy propelled Solana’s native token, SOL, to an all-time high of $293. However, the rally was short-lived. Investor enthusiasm quickly waned as profit-taking set in, and Trump Coin collapsed to $15.08 by early February — an 80% decline in weeks.
The fallout didn’t stop there.
Shortly after, **$LIBRA**, a meme coin endorsed by Argentine President Javier Milei on X (formerly Twitter), experienced a similar trajectory. Promoted as part of “ProjectLibertad” — a plan allegedly aimed at funding small businesses — $LIBRA spiked from $0.22 to over $5 following Milei’s endorsement. But within hours, early holders dumped their positions, triggering a crash that wiped out 70% of its value.
Accusations of insider manipulation and “pump-and-dump” schemes began circulating, further eroding trust in Solana-based meme projects. With declining trading volume and investor confidence, SOL’s price stability faltered, exposing the fragility of an ecosystem overly reliant on speculative trends.
How Did Veteran Meme Coins Perform?
While newer meme tokens crumbled under pressure, long-standing players like Dogecoin (DOGE) and Shiba Inu (SHIB) showed signs of relative resilience.
Dogecoin (DOGE): The Original Meme Coin Holds Strong
Launched in 2013 as a joke, Dogecoin has evolved into one of the most recognizable names in cryptocurrency. Thanks in part to repeated endorsements from Elon Musk, DOGE reached a high of $0.68 during the 2021 bull run.
Despite falling from $0.41 to approximately $0.2097 since mid-January 2025 — a decline of about 48% — Dogecoin has maintained its position among the top 10 cryptocurrencies by market cap, currently ranking 8th with a valuation near $34 billion.
Unlike many speculative tokens, DOGE benefits from widespread name recognition, community loyalty, and growing real-world use cases in tipping and microtransactions. These factors contribute to its relatively stable performance even during turbulent markets.
Shiba Inu (SHIB): Built for Volatility, But Still Standing
Introduced in August 2020 as the self-proclaimed “Dogecoin killer,” Shiba Inu gained fame for its massive supply and decentralized community governance model.
At its peak in 2021, SHIB surged from $0.0000001 to $0.00008, briefly surpassing $52 billion in market capitalization. Though it has since cooled, SHIB remains a top-20 cryptocurrency with a market cap of around $8.7 billion as of February 24, 2025.
From January 18 onward, SHIB dropped from $0.00002423 to $0.00001372 — a loss of roughly 43.38%. While still significant, this decline is less severe than both Solana and other newer meme coins, suggesting stronger resistance to panic selling.
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PEPE: High Risk, High Volatility
PEPE, inspired by the internet meme “Pepe the Frog,” entered the scene in April 2023 as an ERC-20 token on Ethereum. It gained rapid attention for its cultural relevance and speculative appeal.
Within three weeks of launch, PEPE crossed the $1 billion market cap threshold. By February 2025, it ranked among the top 30 cryptos with a valuation near $3.8 billion.
However, PEPE’s price fell more than 61.57% since mid-January — worse than both DOGE and SHIB. This heightened volatility reflects its sensitivity to social media trends and lack of underlying utility or ecosystem development.
Key Insights: What This Means for Investors
| Metric | SOL | DOGE | SHIB | PEPE |
|---|---|---|---|---|
| Peak-to-Trough Drop (Jan–Feb 2025) | ~50% | ~48% | ~43.38% | ~61.57% |
| Market Cap Stability | Moderate | High | Moderate | Low |
| Ecosystem Support | Strong (dApps, DeFi) | Limited | Expanding (Layer-2) | None |
| Community Strength | Weakened post-crash | Very Strong | Strong | Moderate |
While Solana’s downturn reflects broader concerns about ecosystem health and speculative excesses, the performance of veteran meme coins reveals an important trend: established brands with loyal followings tend to exhibit greater price resilience.
DOGE and SHIB may not offer technological innovation like smart contract platforms, but their cultural staying power provides a psychological floor during sell-offs.
Frequently Asked Questions (FAQ)
Q: Why did Solana’s price drop so sharply in early 2025?
A: The decline was driven by the collapse of meme coin speculation on its network, particularly after high-profile failures like Trump Coin and $LIBRA eroded investor confidence.
Q: Are meme coins dead after this crash?
A: Not entirely. While speculative hype has cooled, veteran meme coins like DOGE and SHIB continue to hold substantial market value and community support, indicating they’re more than just passing fads.
Q: Is it safe to invest in meme coins now?
A: Meme coins remain highly speculative. Investors should only allocate funds they can afford to lose and focus on projects with active communities or real-world adoption.
Q: Which is more stable — DOGE or SHIB?
A: DOGE generally shows lower volatility due to broader recognition and usage. SHIB has more ecosystem ambitions via its Layer-2 solution Shibarium, but also carries higher risk.
Q: Can PEPE recover from its recent losses?
A: Recovery depends heavily on renewed social media hype or integration into decentralized applications. Without fundamental utility, sustained growth will be challenging.
Q: What role does celebrity influence play in meme coin prices?
A: Figures like Elon Musk have historically moved DOGE’s price significantly. However, reliance on celebrity endorsement increases volatility and long-term uncertainty.
Final Thoughts: A Reset, Not a Collapse
The current market correction marks a necessary reset in the meme coin space. While Solana’s association with speculative mania has hurt its reputation temporarily, the underlying technology remains robust.
Meanwhile, older meme coins have proven they can endure market storms better than flash-in-the-pan tokens. Their survival isn’t based on whitepapers or roadmaps — but on brand strength and community trust.
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As hype fades and fundamentals regain focus, investors would do well to distinguish between fleeting trends and enduring digital assets. In the world of crypto, sometimes the oldest jokes are the hardest to kill.
Core Keywords: meme coin, Solana crash, Dogecoin price, Shiba Inu performance, PEPE volatility, cryptocurrency market downturn