The market capitalization of memecoins based on the Solana blockchain has suffered a substantial decline, dropping by over 16% in the past 24 hours. This decrease comes in the wake of broader market turmoil and a sell-off in major cryptocurrencies.
Solana-based memecoins, which have been pivotal in driving trading activity on the blockchain, have experienced some of the most volatile price movements this year. As global macroeconomic conditions produced volatility not seen since the initial COVID-19 market panic, the Solana memecoin sector faced intensified fluctuations.
Data from Coingecko shows that the total market cap for Solana memecoins has fallen to $5.56 billion. Notable memecoins such as Dogwifhat (WIF), Cats in a Dog’s World (MEW), and Book of Meme (BOME) have each dropped by 13%, 15%, and 16%, respectively, over the past day.
Additionally, Solana’s transaction activity has seen a decline. The seven-day moving average of non-vote transactions on the Solana network has decreased by nearly 10%, from 45.21 million last Thursday to 40.99 million. The total value locked in decentralized finance (DeFi) applications on Solana has also dropped significantly, falling by over 27% from $5.46 billion to $3.97 billion.
At the time of writing, Solana’s price stood at approximately $130.63, reflecting a 3.4% decrease over the past 24 hours. The broader impact of the market volatility has been evident across various sectors within the cryptocurrency space, with Solana’s memecoin ecosystem experiencing notable stress amidst the downturn.
