Solana Meme Coins Drop 10% Led by HAROLD, HAT and BONK

Solana meme coins plunged 10% in the past 24 hours, led by sharp declines for Harold, Top Hat and Butthole Coin, while Trump Family meme coins continued to decline.

HAROLD plunged over 37%, while HAT and BUTTHOLE saw their prices drop over 31% and 30% respectively in the last 24 hours.

BONK, FARTCOIN, WIF and TRUMP all experience price drops

Four of the top five Solana meme coins also saw price drops over the past 24 hours, with only Pudgy Penguins (PENGU) bucking the downtrend with a nearly 5% pump.

Good (BONK) fell more than 6%, while its canine-themed rival Dogwifhat (WIF), the 5th largest SOL coin by market capitalization, suffered a 3% correction during the same period.

Similarly, Fartcoin (FARTCOIN) fell more than 15%, to post the biggest 24-hour loss in the top 5 SOL meme coins list. Newly launched Official Trump (TRUMP), which took the crypto market by storm with its debut just a few days ago, has climbed the ranks to become the largest Solana coin. But it also couldn’t withstand the sales pressure, leading to a 15% price drop.

Melanie Meme (MELANIA) was the biggest loser among the top 10 Solana Meme coins by market cap with a 30% drop.

TRUMP and MELANIA launch Lead To Congestion on the Solana network

Solana, with its lightning-fast speeds and low fees, has become the network of choice for meme coin developers. This is the main reason why the US president’s team decided to deploy its tokens on Solana.

However, Solana has become a victim of its popularity, as new tokens enter the ecosystem daily and all compete for the computing power of the blockchain. The situation worsened after the launch of ASSET and MELANIA, which simultaneously attracted thousands of new investors to the Solana blockchain. Several service providers experienced delays due to congestion.

We are currently experiencing a massive increase of over 8,000,000 requests per minute. While we work to stabilize our platform, transactions may have difficulty completing on the first try.

We appreciate your patience 🙏

– Ghost (@phantom) January 19, 2025

Solaxy (SOLX)with its native Layer 2 chain, aims to help solve the problem with its first Solana-focused scaling solution. By operating in parallel with the Solana mainnet, the project will increase the network’s computing capacity, which will subsequently lead to higher transaction throughput and even lower fees.

Currently in the pre-sale phase, the project has already raised more than $13.6 million.

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