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 …