Headline: From frenzy to fallout — How Solana’s meme-coin season went from billion-dollar breakouts to catastrophic crashes
The last crypto bull run produced one of the most extreme episodes of the market: a Solana-centered “meme coin season” that turned obscure projects into billion-dollar narratives in a matter of weeks or months. Many tokens went from market caps in the tens of millions to nine-figure, then ten-figure valuations — attracting massive holder bases in the process. But when the market reversed in November 2024, those gains evaporated: several formerly top meme coins have since shed more than 95% of their value.
POPCAT — From under $1M to a $2B peak, now below $50M
POPCAT was one of the breakout names of the season and carried the extra bragging right of becoming the first cat-themed meme coin to cross $1 per token in 2024. Its ascent was dramatic: the token reportedly grew from under $1 million in market cap to more than $2 billion in less than a year, ultimately peaking at about $2.05 per coin. Since the sell-off that began in November 2024, POPCAT has plunged roughly 97%, trading near $0.05 and bringing its market cap down below $50 million — a collapse that ranks among the steepest in recent meme-coin history.
Cats In A Dogs World (MEW) — A contentious debut, a swift fall
MEW arrived to the scene already sizable — launching with a market cap north of $100 million and drawing accusations that it was a “cabal coin.” The token nevertheless climbed to a peak market value just above $1.2 billion before the broader downturn. Like POPCAT, MEW’s price began sliding in November 2024 and has since lost more than 95% of its value, leaving its market cap around $50 million.
Peanut The Squirrel (PNUT) — Viral origin, rapid rise and the steepest drop
PNUT — inspired by the viral story of an Eastern gray squirrel whose death in 2024 sparked public outcry — moved fastest of the trio. Backed by a Binance listing soon after launch, PNUT crossed a $1 billion market cap in under a month. But its ascent reversed sharply: CoinGecko data show the token is down more than 98% since November 2024 and now sits at roughly a $40 million market cap.
What this means
These three coins illustrate the volatile lifecycle of meme assets in a hype-driven market: explosive, community-fueled gains followed by equally severe drawdowns when sentiment shifts. For investors and observers, the episode underscores the outsized risks in meme-token speculation — especially during rapid bull runs where listings, social momentum, and viral narratives can outpace fundamentals.
(Price and market-cap figures referenced above reflect the data reported during the tokens’ peak runs and the post-November 2024 declines.)
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