Solana (SOL) and meme coins based on the Ethereum-alternative chain have suffered a steep correction in the past week.
Solana erased nearly 25% of its value in the past week, dropped to $140 low on August 4. A whistleblower alleged that bankrupt FTX exchange holds 8% of Solana supply in secret wallets, per news that surfaced on X. Solana -based meme coins suffer nearly 8% drop in market capitalization in the last 24 hours. Solana meme coins BOME, POPCAT, MEW, MUMU, SCF and GIGA observed double-digit decline in the last 24 hours.
20 at the time of writing, the Ethereum competitor is likely to extend its losses based on on-chain activity. Solana’s social dominance is down to 3.48% from its peak above 12% in March 2024. Social dominance vs. Solana price The volume traded on the Solana chain is nearly a fifth of mid-March 2024. Shrinking volume and declining social dominance are two on-chain metrics that support a bearish thesis for the asset. Solana volume vs.
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