Market Turmoil and the Solana Memecoin Decline

Following turmoil in global markets and a sell-off of major cryptocurrencies, the Solana-based memecoin market cap has experienced a significant drop of over 16% in the last 24 hours, now totaling $5.56 billion.

Impact on Memecoins

Memecoins on the Solana network have been pivotal in driving trading activity and volatility in cryptocurrency prices since the year’s start. Amid broader macroeconomic conditions causing extraordinary levels of volatility reminiscent of the early COVID-19 pandemic, Solana’s memecoin ecosystem felt a pronounced impact.

Notable drops in prices of major memecoins include:
– Dogwifhat (WIF): -13%
– Cats in a Dog’s World (MEW): -15%
– Book of Meme (BOME): -16%

Decline in Transaction Activity

The Block’s Data Dashboard indicates that the daily seven-day moving average of non-vote transactions on Solana fell nearly 10%, from 45.21 million to 40.99 million.

Furthermore, the total value locked in DeFi applications on the Solana network decreased by over 27%, going from $5.46 billion to $3.97 billion.

As of the time of writing, Solana’s trading price was approximately $130.63, showing a decrease of 3.4% in the last 24 hours.