Summary
- Trading volume on Solana-based decentralized exchanges has shown a decline for 5 consecutive weeks.
- Investor fatigue towards meme coins was emphasized as the main reason for this decline.
- Investor migration to BNB Chain was also cited as a reason for the decrease in trading volume.
Trading volume on Solana (SOL) based decentralized exchanges (DEX) has shown a decline for 5 consecutive weeks.
On the 17th, Cryptopolitan reported, citing data from DefiLlama, that Solana DEXs recorded $28.8 billion in trading volume last week. This represents approximately a 24% decrease compared to the previous week's volume ($31.8 billion).
Looking at individual DEX volumes, Meteora recorded the highest trading volume at $875.8 million. This was followed by Raydium ($836 million) and Orca ($322 million).
Investor fatigue towards meme coins was cited as the main reason for the decline in Solana DEX trading volume. Cryptopolitan assessed that "many users are becoming tired of price volatility due to pump and dump schemes, rug pulls, and insider trading."
In fact, the LIBRA meme coin launched by the Argentine government yesterday saw its price rise to $5 immediately after launch, but then experienced a rug pull incident causing the price to crash 94% within about an hour.
Additionally, investor migration to the BNB Chain is being pointed to as another cause for the decline in Solana DEX trading volume.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
