Solana

Galaxy

Planet

Billion

<div class="intro-text">
 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.<a href="https://coinmarketcap.com/currencies/solana/" rel="noopener noreferrer nofollow"> According to CoinMarketCap data</a>, Solana’s market cap dropped from $61.74 billion to $58.8 billion, representing a 5.09% decrease from the previous day.
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The market situation has prompted reactions from industry figures. Mert Mumtazin, Co-Founder and CEO of infrastructure startup Helius Labs<a href="https://twitter.com/0xMert_/status/1805078329084502501?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow"> expressed</a> 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,<a style="color: #0000ff;" href="https://coinmarketcap.com/" rel="noopener noreferrer nofollow"> according to data from CoinMarketCap</a>, a 4.6% decrease from in the last 24 hours.&nbsp;&nbsp;
Despite the current bearish trend, the Solana Network has been active with recent developments. Last week, Mumtazin<a href="https://defi-planet.com/2024/06/galaxy-digital-set-to-overtake-coinbase-as-top-solana-validator-says-helius-ceo/" rel="noopener noreferrer nofollow"> pointed out that Michael Novogratz’s wealth management firm, Galaxy Digital, is poised to become the leading network validator in the Solana blockchain</a>. 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<a href="https://defi-planet.com/2024/05/on-chain-report-reveals-caitlyn-jenners-alleged-involvement-in-jenner-memecoin-dumping-scheme/" rel="noopener noreferrer nofollow"> Caitlyn Jenner</a>,<a href="https://defi-planet.com/2024/05/iggy-azalea-to-burn-her-mother-memecoins-to-build-trust-amid-insider-trading-allegations/" rel="noopener noreferrer nofollow"> Iggy Azalea</a>,<a href="https://defi-planet.com/2024/06/trump-linked-memecoin-trump-drops-31-following-rumors-of-new-trump-token-on-solana/" rel="noopener noreferrer nofollow"> Donald Trump</a>, 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<a href="https://www.kucoin.com/news/articles/solana-s-pump-fun-generates-30m-from-memecoin-mania" rel="noopener noreferrer nofollow"> reportedly</a> 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
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The post <a href="https://defi-planet.com/2024/06/solana-market-cap-falls-below-59-billion-as-crypto-market-sees-widespread-losses/" rel="noopener noreferrer nofollow">Solana Market Cap Falls Below $59 Billion as Crypto Market Sees Widespread Losses</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Solana Market Cap Falls Below $59 Billion as Crypto Market Sees Widespread Losses

DeFi Planet

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