Altcoins Plummet: Solana, Bonk, PlutoChain Hit All-Time Lows

Three Altcoins Reach All-Time Lows on February 3

On February 3, several altcoins reached all-time lows, reflecting the ongoing market volatility and bearish sentiment. Despite the recent rally in the broader crypto market, these altcoins have struggled to maintain their momentum and have fallen to new lows.

Solana (SOL) and Bonk (BONK) are among the altcoins that have reached all-time lows. Solana, a high-throughput blockchain for fast transactions and low fees, has seen its price drop to around $230.39, a 2.7% decrease over the past 24 hours. Trading volume remains strong at $4.97 billion, while the market cap stands at $112.12 billion. Bonk, a community-driven memecoin boosting Solana's ecosystem, is currently priced at $0.00002579, up 9.06% in the last 24 hours. Trading volume remains high at $317.9 million.

PlutoChain ($PLUTO), a layer-2 network designed to make Bitcoin faster, cheaper, and more efficient, has also reached an all-time low. The project aims to introduce a parallel network to Bitcoin, reducing congestion, cutting fees, and enhancing performance. Using layer-2 technology, PlutoChain achieves block times of just two seconds, a major leap from Bitcoin's 10-minute block time. This speed could make everyday payments and microtransactions more practical while also lowering energy consumption.

The recent crypto crash, triggered by traditional finance (TradFi) events, has also contributed to the decline of these altcoins. According to Wintermute CEO Evgeny Gaevoy, more than $2 billion in cryptocurrency was liquidated due to traditional finance events, not industry participants. At least $2.24 billion was liquidated from the crypto markets within 24 hours on February 3 after US President Donald Trump signed an executive order to impose import tariffs on goods from China, Canada, and Mexico.

Analysts attribute the crypto market crash to macroeconomic concerns over a potential global trade war caused by Trump's tariffs. Investor sentiment deteriorated further after Bybit CEO Ben Zhou estimated that cryptocurrency liquidations may have exceeded $10 billion, more than five times higher