Over the previous 24 hours, the highest ten memecoins native to the Solana community have all seen declines, accompanied by a lower within the worth of Sol, the community’s native cryptocurrency, by over 3%.

Among the many notable decreases, Dogwifhat noticed a decline of 5%, whereas Bonk skilled a drop of three.5%. Guide of Meme confronted a major downturn of 10%, and Jeo Boden’s worth decreased by 1.3%. Cat in a Canine World suffered essentially the most substantial decline, plummeting by 18.9%, adopted by Popcat with an 18.0% lower. Myro encountered a 5.0% drop, whereas Wen and Slerf each skilled declines of 14.4% and seven.4%, respectively. Moreover, Catcoin noticed a lower of seven.7% in its worth.

Consequently, the whole Solana memecoin market cap now stands at $8.3 billion, constituting 12% of the full memecoin market worth, estimated at round $64 billion, in line with Coingecko knowledge.

Moreover, the each day shifting common of non-vote transactions on the Solana community has fallen to roughly 24 million, marking a multi-week low. This decline in transactions coincides with congestion on the Solana community, attributed to spam transactions.

Regardless of the lower in memecoin costs, the recognition of on-chain memecoin buying and selling on Solana led to a brand new all-time excessive in on-chain volumes, measured in U.S. greenback phrases, on Friday.

Solana Liquidations Spike

Sol, the native cryptocurrency of the Solana community, skilled a decline of over 3% previously 24 hours, buying and selling at $175 at 9:22 a.m. ET, in line with The Block’s Value Web page.

Notably, Sol lengthy positions bore the brunt of Monday’s market volatility, with over $4.33 million in Sol lengthy liquidations recorded previously 24 hours out of a complete of $4.81 million in liquidations throughout the broader cryptocurrency market, which noticed over $173 million in liquidations over the identical interval, in line with Coinglass knowledge.

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