On-chain buying and selling on Solana is in a gentle downtrend as memecoin mania fizzles out.
Solana is about to shut its slowest week since buying and selling volumes peaked in March.
During the last week, SOL has slumped by 7.9%, volumes on decentralized exchanges (DEXs) have decreased by 22%, and energetic DEX wallets are down 27%.
Regardless of an eventful week for Solana as a result of drama surrounding the DJT memecoin, on-chain DEX volumes over the week are roughly $10 billion, a quantity not seen since February.
Coinciding with the decline in quantity, the variety of energetic merchants additionally tumbled. Lively DEX merchants on Solana spiked to an all-time excessive of two.9 million throughout the first two weeks of June, however that quantity has settled again to 2.1 million over the past seven days.
The sentiment across the Solana ecosystem has been additional damage by the worth motion of its poster-child memecoin, DogWifHat. WIF is down 7% on the week and has plummeted over 60% from its all-time excessive of $4.71 on March 31.
The most recent Solana droop comes amid an general market selloff. During the last week, Bitcoin is down 2.2%, and the complete crypto market cap is down 3.4%.
