DeFi
Solana DEX volumes hit lowest level since March
On-chain trading on Solana is on a steady downward trend as the memecoin mania peters out.
Solana is expected to close its slowest week since trading volumes peaked in March.
Over the past week, SOL is down 7.9%, volumes on decentralized exchanges (DEXs) are down 22%, and active DEX wallets are down 27%.
Despite a turbulent week for Solana due to drama surrounding DJT memecoinon-chain DEX volumes during the week total around $10 billion, a figure not seen since February.
Along with the drop in volume, the number of active traders has also fallen. Active DEX traders on Solana reached an all-time high of 2.9 million in the first two weeks of June, but that number has fallen back to 2.1 million over the past seven days.
Sentiment around the Solana ecosystem was further affected by the price action of its poster memecoin, DogWifHat. WIF is down 7% for the week and has fallen more than 60% from its March 31 all-time high of $4.71.
Solana’s latest crisis comes amid a global market sell-off. Over the past week, Bitcoin is down 2.2%, and the total Crypto market cap is down 3.4%.