- The market capitalization of memecoins based on Solana has seen a notable decline amid macroeconomic unrest and the selling of prominent cryptocurrencies.
- Transaction activity based in Solana has dropped by over 10%.
The Solana SOL based memecoin market cap has experienced a double-digit decline over the last 24 hours due to volatility in international markets and the sell-off of large cryptocurrency holdings that followed.
Since the start of the year, memecoins on the Solana network have been at the forefront of driving blockchain trade activity and some of the most dramatic price behavior in the cryptocurrency market. Therefore, the Solana memecoin ecosystem saw remarkable levels of volatility on a day when broader macroeconomic conditions caused volatility not seen since the market panic at the start of the COVID-19 epidemic.
Coingecko statistics indicates that the market capitalization of Solana memecoin dropped by more than 16% in the last day, reaching $5.56 billion. Major memecoins have experienced drops of 13%, 15%, and 16% during the last day, including top 10 offerings like Dogwifhat (ticker: WIF), Cats in a Dog’s World (ticker: MEW), and Book of Meme (ticker: BOME).
Transaction activity centered in Solana declines
The daily seven-day moving average of non-vote transactions on the Solana network dropped from 45.21 million last Thursday to 40.99 million at of publishing time, over 10% less.
Tthe total value locked on Defi applications on the Solana network has decreased by more than 27%, from $5.46 billion last Thursday to a current reading of $3.97 billion.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
