Top Solana-based memecoins register price declines

In the last 24 hours, the top ten Solana-based memecoins by market capitalization have all witnessed a decline.

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.