In the last 24 hours, the top ten memecoins on the Solana network have all experienced declines, accompanied by a 3% decrease in the value of Sol, the network’s native cryptocurrency. Some notable decreases include a 5% drop for Dogwifhat, a 3.5% decrease for Bonk, and a significant downturn of 10% for Book of Meme. Other memecoins such as Jeo Boden, Cat in a Dogs World, and Popcat also saw declines of 1.3%, 18.9%, and 18.0%, respectively. Myro, Wen, Slerf, and Catcoin also experienced decreases in their value, ranging from 5%-14.4%.

As a result, the total market cap for Solana memecoins now stands at $8.3 billion, making up 12% of the overall memecoin market, which is estimated to be worth around $64 billion according to Coingecko data. However, despite the decrease in memecoin prices, the popularity of on-chain memecoin trading on Solana has led to a new all-time high in on-chain volumes in US dollar terms on Friday.

On the other hand, the daily moving average of non-vote transactions on the Solana network has dropped to approximately 24 million, which is a multi-week low. This decline in transactions is believed to be caused by congestion on the Solana network, attributed to spam transactions.

In addition to the decrease in memecoin prices, Sol, the native cryptocurrency of the Solana network, has also seen a decline of over 3% in the past 24 hours, currently trading at $175 according to The Block’s Price Page. This has caused a spike in Sol long liquidations, with over $4.33 million recorded in the past 24 hours, out of a total of $4.81 million in liquidations across the wider cryptocurrency market, which saw over $173 million in liquidations over the same period according to Coinglass data.

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Disclaimer: This information is for educational and informational purposes only. It is not intended to be investment or financial advice. Please do your own research before making any investment decisions.