Solana memecoin market cap suffers double-digit drop

Markets•August 5, 2024, 12:18PM EDT
Solana memecoin market cap suffers double-digit drop
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Quick Take

  • Amid macroeconomic turmoil and sell-offs of major cryptocurrencies, the market cap of Solana-based memecoins has experienced a significant downturn. 
  • Solana-based transaction activity has decreased by almost 10% since the end of last week, according to data from The Block.
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Following turmoil in global markets and a subsequent sell-off of crypto majors, the Solana-based memecoin market cap has posted a double-digit drop over the past 24 hours. 

Memecoins on the Solana network have been at the forefront of driving trading activity on the blockchain and have driven some of the most volatile cryptocurrency price action since the beginning of the year. Therefore, on a day when broader macroeconomic conditions produced volatility levels not seen since the market panic at the onset of the COVID-19 pandemic, the Solana memecoin ecosystem experienced pronounced levels of volatility.
 
According to Coingecko data, the Solana memecoin market cap has fallen by over 16% in the past 24 hours and now stands at $5.56 billion. Major memecoins, including top 10 offerings like Dogwifhat (ticker: WIF), Cats in a Dog's World (ticker: MEW), and Book of Meme (ticker: BOME), have dropped by 13%, 15%, and 16%, respectively, over the past 24 hours.

Solana-based transaction activity decreases

According to The Block's Data Dashboard, the daily seven-day moving average of non-vote transactions on the Solana network has fallen by almost 10% from 45.21 million last Thursday to 40.99 million as of publication time.
 

In the same period, the total value locked on Defi applications on the Solana network has dropped by over 27%, from $5.46 billion last Thursday to a current reading of $3.97 billion, according to The Block's Data Dashboard.

Solana was changing hands at around $130.63 at the time of writing, having traded down 3.4% in the past 24 hours, according to The Block’s SOL price page.


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