Solana Meme Coin PAID Market Cap Falls Below $6M, Down Over 88% From Peak

The scale of the drawdown is the story here: a token that once commanded a nine-figure valuation now trades at a fraction of that, with the steepest damage concentrated in a single 24-hour window. That pattern is characteristic of meme-coin liquidity, where exits thin out quickly and market cap becomes a poor proxy for realizable value. The question worth watching is whether this is an isolated unwind or part of a broader rotation out of Solana's speculative tier — a dynamic that matters well beyond this one ticker.