Solana DEX Trading Volume Drops to $2.61B, Lowest Since Mid-December

Solana DEX’s buying and selling quantity dropped to $2.61 billion on February 16, persevering with its downward trajectory and reaching its lowest degree since mid-December.

Whereas Raydium’s quantity plunged by over 45% and Orca’s fell by almost 30% prior to now week, Meteora bucked the development with an 18% enhance.

Based on the data compiled by DeFiLlama, Solana’s decentralized exchanges (DEXs) noticed round $20.2 billion in buying and selling quantity for the week ending February 16, persevering with a five-week decline. The main Layer 1 answer’s on-chain transaction quantity dropped by 28% within the earlier week because it hit $31.8 billion by February tenth. The reducing exercise on Solana DEXs aligns with a broader market downturn.

Meteora reported probably the most exercise as the highest DEX with a quantity of $658 million, carefully following Raydium at $836.37 million. Orca is within the third spot with $544.4 million.

The drop in Solana’s DEX quantity can be partly because of the fading enthusiasm for meme coin buying and selling, which had surged because the begin of the bull run. With quite a few meme cash rising and disappearing, merchants seem like rising weary of the repeated pump-and-dump cycles, rug pulls, and cases of insider buying and selling.

An identical sentiment was echoed by CryptoQuant analyst Axel Adler Junior, who stated that meme cash are negatively affecting the Solana ecosystem, with current occasions additional shaking investor confidence. A significant rug pull involving LIBRA has intensified issues, contributing to SOL’s decline – falling by greater than 10% prior to now week and down 40% from its peak in January.

Including to market pressures, 11.2 million SOL shall be unlocked on March 1. These tokens have been initially bought off throughout FTX’s chapter and later acquired by companies like Galaxy, Pantera, and Determine.