Solana (SOL) has experienced a bearish trend over the past week, with a 5% decline in price and a significant reduction in market value since Sunday, June 23. According to CoinMarketCap data, Solana’s market cap dropped from $61.74 billion to $58.8 billion, representing a 5.09% decrease from the previous day.
The market situation has prompted reactions from industry figures. Mert Mumtazin, Co-Founder and CEO of infrastructure startup Helius Labs expressed concerns about potential market manipulation and aggressive price dumping. Mumtazin stated that he had sold off his entire cryptocurrency portfolio to purchase and hold Solana (SOL).
This downtrend is not isolated to Solana, as the broader cryptocurrency market has also seen declines in both prices and market capitalization. The current total crypto market cap stands at $2.24 trillion, according to data from CoinMarketCap, a 4.6% decrease from in the last 24 hours.
Despite the current bearish trend, the Solana Network has been active with recent developments. Last week, Mumtazin pointed out that Michael Novogratz’s wealth management firm, Galaxy Digital, is poised to become the leading network validator in the Solana blockchain. According to his post, Galaxy Digital is set to overtake Coinbase as the top validator after staking an additional 3 million SOL coins.
The recent increase in interest in memecoins related to celebrities has mainly been happening on the blockchain. Well-known figures like Caitlyn Jenner, Iggy Azalea, Donald Trump, and Davido have used Pump.fun, a token generation platform built on the blockchain, to launch their own meme tokens.
In May 2024 alone, Pump.fun reportedly made $30 million in revenue from memecoin launches. The platform leverages Solana’s low fees and high throughput. Creating a new token on Pump.fun costs approximately 0.02 SOL (about $3.16 at current prices). This has allowed these celebrities to launch tokens and attract users without facing the typical blockchain constraints
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
