Over the past 24 hours, the top 10 memecoins on the Solana network have all seen declines, with the network’s native cryptocurrency, Sol, losing more than 3% in value.
Among the notable declines were Dogwifhat, down 5%, while Bonk was down 3.5%. Book of Meme suffered a significant decline of 10%, while Jeo Boden lost 1.3% in value. Cat in a Dogs World had the biggest decline, plummeting 18.9%, followed by Popcat, dropping 18.0%. Myro fell 5.0%, while Wen and Slerf fell 14.4% and 7.4%, respectively. Additionally, the value of Catcoin decreased by 7.7%.
As a result, the total Solana memecoin market cap now stands at $8.3 billion, accounting for 12% of the total memecoin market cap, estimated at around $64 billion, according to data from Coingecko.
Additionally, the daily moving average of non-voting transactions on the Solana network fell to approximately 24 million, the lowest in several weeks. This decline in transactions coincides with congestion on the Solana network due to spam transactions.
Despite the drop in memecoin prices, on-chain memecoin trading on Solana has grown in popularity, with on-chain trading volume measured in US dollars hitting an all-time high on Friday.
Solana liquidation surges
According to The Block’s pricing page, Sol, the native cryptocurrency of the Solana network, has experienced a drop of more than 3% in the last 24 hours, trading at $175 at 9:22 AM ET.
Sol long positions in particular took a huge toll on market volatility on Monday. In the last 24 hours, more than $4.33 million was recorded in Sol long liquidations, out of a total liquidation of $4.81 million across the entire cryptocurrency market. The same period, according to Coinglass data.
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