The number of active crypto traders on Solana’s DEX plummeting!
Sun
23
Jun
2024
▪
3
min
of
reading
▪
by
The
Solana
ecosystem
is
facing
turmoil.
Transaction
volumes
on
the
blockchain’s
decentralized
exchanges
(DEX)
have
reached
their
lowest
level
since
March,
marking
a
significant
decline
that
worries
investors
and
participants
in
the
crypto
market.
As
enthusiasm
for
memecoins
wanes,
this
new
development
raises
questions
about
the
future
and
resilience
of
Solana.
A
Marked
Downtrend
While
in
previous
months,
Solana’s
decentralized
exchanges
(DEX)
had
shattered
all
records,
that
is
no
longer
the
case!
Transaction
volumes
on
these
crypto
platforms
have
experienced
a
dramatic
22%
drop
over
the
past
week,
reaching
an
unprecedented
low
of
10
billion
dollars,
a
level
not
seen
since
February.
At
the
same
time,
the
number
of
active
wallets
on
these
crypto
platforms
has
also
recorded
a
27%
decline,
indicating
growing
disinterest
among
users.
This
downward
trend
is
also
reflected
in
the
price
of
SOL,
which
has
plummeted
by
7.9%
over
the
past
7
days.
Despite
a
week
full
of
events
for
Solana,
notably
marked
by
the
turmoil
surrounding
the
memecoin
DJT,
transaction
volumes
on
the
blockchain
continue
to
decline.
This
situation
raises
concerns
about
the
blockchain’s
ability
to
maintain
its
dynamism
in
the
face
of
apparent
disengagement
from
crypto
traders
and
investors.
A
Hard
Blow
for
the
Solana
Ecosystem
The
number
of
active
crypto
traders
on
Solana,
which
had
reached
a
historic
peak
of
2.9
million
at
the
beginning
of
June,
has
dropped
to
2.1
million
over
the
past
seven
days.
This
marked
decline
reflects
a
loss
of
confidence
in
the
ecosystem,
exacerbated
by
the
disappointing
performance
of
DogWifHat
(WIF),
Solana’s
flagship
memecoin.
In
fact,
WIF
saw
its
price
drop
by
7%
in
one
week
and
plummet
by
more
than
60%
from
its
peak
of
4.71
dollars
reached
on
March
31.
Clearly,
this
drop
in
transaction
volumes
and
the
number
of
active
traders
on
Solana
is
part
of
a
broader
context
of
retreat
in
the
crypto
market.
Over
the
past
week,
Bitcoin
has
fallen
by
2.2%,
while
the
total
market
capitalization
of
cryptos
has
decreased
by
3.4%.
Solana
will
therefore
have
to
navigate
between
consolidation
and
innovation
to
overcome
these
challenges.
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Diplômé
de
Sciences
Po
Toulouse
et
titulaire
d’une
certification
consultant
blockchain
délivrée
par
Alyra,
j’ai
rejoint
l’aventure
Cointribune
en
2019.
Convaincu
du
potentiel
de
la
blockchain
pour
transformer
de
nombreux
secteurs
de
l’économie,
j’ai
pris
l’engagement
de
sensibiliser
et
d’informer
le
grand
public
sur
cet
écosystème
en
constante
évolution.
Mon
objectif
est
de
permettre
à
chacun
de
mieux
comprendre
la
blockchain
et
de
saisir
les
opportunités
qu’elle
offre.
Je
m’efforce
chaque
jour
de
fournir
une
analyse
objective
de
l’actualité,
de
décrypter
les
tendances
du
marché,
de
relayer
les
dernières
innovations
technologiques
et
de
mettre
en
perspective
les
enjeux
économiques
et
sociétaux
de
cette
révolution
en
marche.
DISCLAIMER
The
views,
thoughts,
and
opinions
expressed
in
this
article
belong
solely
to
the
author,
and
should
not
be
taken
as
investment
advice.
Do
your
own
research
before
taking
any
investment
decisions.
Credit:
Source
link
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