Solana Meme Coins Drop 10% Led By HAROLD, HAT, BONK

Solana meme coins are down 10% in the past 24 hours, led by sharp declines for Harold, Top Hat, and Butthole Coin, as the Trump family coins continue to fall.

HAROLD shares fell by more than 37%, while HAT and BUTTHOLE shares saw their prices fall by more than 31% and 30% respectively in the past 24 hours.

BONK, FARTCOIN, WIF, and TRUMP are all suffering from price declines

Four of the top 5 Solana meme coins recorded price declines in the last 24 hours as well, with only Pudgy Penguins (PENGU) bucking the downtrend with a ~5% pump.

bonk (Bonk) fell more than 6%, while rival Dogwifhat (WIF), the fifth-largest SOL meme coin by market cap, underwent a 3% correction over the same time period.

Likewise, Fartcoin (FARTCOIN) fell more than 15%, recording the biggest 24-hour loss in the top 5 SOL meme coins list. The recently launched Official Trump (TRUMP), which took the cryptocurrency market by storm with its debut just a few days ago, has climbed the ranks to become the largest meme Solana coin. But it was also unable to withstand the selling pressure, which led to a 15% drop in prices.

MELANIA was the biggest loser among the top 10 Solana coins by market cap with a 30% decline.

Trump and Melania shoot down congestion on Solana network

With its fast speeds and low fees, Solana has become the network of choice for meme developers. This is the main reason why the US President’s team decided to deploy their token on Solana.

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

We are currently seeing a massive increase of over 8,000,000 orders per minute. While we work to stabilize our platform, transactions may have difficulty executing on the first attempt.

We appreciate your patience 🙏

– Phantom (@Phantom) January 19, 2025

Sollax (Solex)with its original Layer 2 series, aims to help solve the problem with the first Solana-focused scaling solution. By running in parallel with the Solana mainnet, the project will increase the computational capacity of the network, which will subsequently lead to increased transaction throughput and even lower fees.

The project is currently in pre-sale, and has already raised more than $13.6 million.

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