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 …