Solana Meme Coins Plunge 10% As HAROLD, HAT, And BONK Lead Declines
Solana meme coins plunged 10% in the last 24 hours, led by steep declines for Harold, Top Hat and Butthole Coin, as Trump family meme coins continued to slide.
HAROLD plunged more than 37%, while HAT and BUTTHOLE saw their prices drop over 31% and 30%, respectively, in the last 24 hours.
BONK, FARTCOIN, WIF And TRUMP All Suffer Price Drops
Four out of the top 5 Solana meme coins recorded price drops in the last 24 hours as well, with only Pudgy Penguins (PENGU) bucking the downtrend with an almost 5% pump.
Bonk ( BONK ) pulled back more than 6%, while canine-themed rival Dogwifhat (WIF), the 5th largest SOL meme coin by market cap, underwent a 3% correction during the same time period.
Similarly, Fartcoin (FARTCOIN) plummeted over 15%, to post the biggest 24-hour loss in the top 5 SOL meme coins list. Recently launched Official Trump (TRUMP), which took the crypto market by storm with its debut just a few days ago, has climbed the ranks to become the largest Solana meme coin. But it was also unable to withstand the selling pressure, resulting in a 15% price drop.
Melanie Meme (MELANIA) was the biggest loser among the largest 10 Solana meme coins by market cap with a 30% plunge.
TRUMP And MELANIA Launches Lead To Congestion On Solana Network
Solana, with its lightning-quick speeds and low fees, has become the network of choice for meme coin developers. This is the main reason the US President’s team decided to deploy their tokens on Solana.
However, Solana has become a victim of its popularity, as new tokens enter the ecosystem on a daily basis and all compete for the blockchain’s computation power. The situation worsened following the launch of TRUMP and MELANIA, which attracted thousands of new investors to the Solana blockchain at once. Several service providers suffered delays due to congestion.
Solaxy (SOLX) , with its native layer-2 chain, aims to help solve the problem with its first Solana-focused scaling solution. By running in parallel with the Solana mainnet, the project will increase the computational capacity of the network, which will subsequently lead to higher transaction throughput and even lower fees.
Currently in the presale stage, the project has already raised over $13.6 million.
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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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