Solana (SOL) price crashed for two straight days

As the ongoing crypto market sell-off hit its meme coin ecosystem.

Solana (SOL) price crashed for two straight days as the ongoing crypto market sell-off hit its meme coin ecosystem.

Solana dropped to $127 on Saturday, data from third-party platforms showed. This represented a decline of 15% in the last 24 hours and brought it to its lowest level since March 2021. The decline occurred as most Solana meme coins crashed, erasing most of the gains made earlier this week.

Fartcoin (FARTCOIN) crashed by 15% on Saturday. Popular tokens like Popcat (POPCAT), ai16z (AI16Z), and Bonk (BONK) fell by over 10%. In total, the market cap of all Solana meme coins tracked by Investing Guide dropped by 10% to $7.2 billion. This drop brought the total value of these tokens to less than $18 billion after they recovered to over $35 billion earlier this week.

The new price levels for Fartcoin, Popcat, ai16z, and Bonk are $0.0000015, $0.0000006, $0.000000000000000001, and $0.000000000000000000000000000000000000001, respectively.

The meme coin frenzy comes as crypto traders booked some of their holdings following a rally earlier this year. Earlier this week, data from DeFi Llama showed that Solana’s DEX volume soared by 60% in the last seven days to over $3 billion. This volume was higher than Ethereum (ETH) and BSC, which handled $11.35 billion and $8.9 billion, respectively. It was the first time in weeks that Solana’s DEX protocols outperformed the two.

Most of Solana’s DEX volume came from Pump, which handled over $2.8 billion in the last seven days. This beat other popular DEX networks like Orca, Meteora, Raydium, and Lifinity, which have long enjoyed a large market share.

Solana also had some other positive news this week. The most notable one was that Blackrock, the biggest asset manager in the world, expanded BUIDL, its money market fund, to the network. This is a noteworthy development since BUIDL’s assets have surged to over $1.86 billion.