Top Solana-based memecoins register price declines
The top ten memecoins native to the Solana network registered declines over the past 24 hours.Sol, the native cryptocurrency of the Solana network, has fallen by over 3% in the past day.
Dogwifhat saw a decrease of 5%, while Bonk experienced a drop of 3.5%. Book of Meme faced a significant downturn of 10%, and Jeo Boden's value decreased by 1.3%. The most substantial declines were posted by Cat in a Dogs World, plummeting by 18.9%, and Popcat, with an 18.0% decrease. Myro encountered a 5.0% drop, while Wen and Slerf both experienced declines of 14.4% and 7.4%, respectively. Additionally, Catcoin saw a decrease of 7.7% in its value.
The entire Solana memecoin market cap now stands at $8.3 billion, according to Coingecko data . This is 12% of the entire memecoin market value at around $64 billion .
The daily moving average of non-vote transactions on the Solana network have fallen to around 24 million, a multi-week low, according to The Block's data dashboard . This comes as Solana network is currently facing congestion, attributed to spam transactions.
The popularity of on-chain memecoin trading on Solana pushed on-chain volumes — in U.S. dollar terms — to a new all-time high on Friday.
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Solana liquidations spike
Sol decreased by over 3% in the past 24 hours and was changing hands for $175 at 9:22 a.m. ET, according to The Block's Price Page .
Sol long positions bore the brunt of Monday's market volatility. According to Coinglass data , there were over $4.33 million in Sol long liquidations in the past 24 hours, out of $4.81 million liquidations in total. In the wider cryptocurrency market, there have been over $173 million in liquidations over the past 24 hours.
The price of Sol has declined by over 3% in the past 24 hours. Image: The Block.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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