Following turmoil in global markets and a subsequent sell-off of crypto majors, the Solana SOL -2.12% -based memecoin market cap has posted a double-digit drop over the past 24 hours. 

In the same period, the total value locked on Defi applications on the Solana network has dropped by over 27%, from $5.46 billion last Thursday to a current reading of $3.97 billion, according to The Block's Data Dashboard.

Solana was changing hands at around $130.63 at the time of writing, having traded down 3.4% in the past 24 hours, according to The Block’s SOL price page.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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