Solana memecoin market cap suffers double-digit drop

Markets • August 5, 2024, 12:18PM EDT
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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.

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.


Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

AUTHOR

Brian McGleenon profile picture Brian McGleenon

Brian McGleenon is a UK-based markets reporter for The Block. He has worked as a financial journalist and producer for multiple news outlets over the years, such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard, and The Daily Express. Brian is also a screenwriter and producer with one feature film produced and one in development with Northern Ireland Screen. Apart from web3 and cryptocurrency developments, he is also interested in geopolitics, environmental issues, artificial intelligence, and longevity research. Get in touch via email [email protected].

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