The Solana Ecosystem Is Facing Turmoil, Transaction Volumes on the Blockchain's Decentralized Exchanges (DEX) Have Reached Their Lowest Level Since March

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.

The Solana (CRYPTO: SOL) ecosystem is experiencing a period of turbulence, with transaction volumes on the blockchain’s decentralized exchanges (DEX) reaching their lowest point since March in a development that has left investors and crypto market participants concerned. As the excitement over memecoins fizzles out, this new development raises questions about the future and resilience of Solana.

A Tale of Two Drops

While earlier in the year, 이야기가 달라졌습니다! These crypto platforms saw a dramatic 22% decrease in transaction volumes over the past week, hitting a new low of $10 billion, a level last seen in February. Simultaneously, the number of active wallets on these crypto platforms also recorded a 27% drop, indicating a growing disinterest among users. This downtrend is also reflected in the price of SOL, which fell by 7.9% over the past 7 days.

Despite a week that saw several events for Solana, notably the DJT memecoin saga, transaction volumes on the blockchain are continuing to decrease. This situation raises questions about the blockchain’s ability to maintain its vitality amid signs of disengagement by crypto traders and investors.

A Blow to the Solana Ecosystem

The number of active crypto traders on Solana, which reached a high of 2.9 million at the beginning of June, has fallen to 2.1 million over the past seven days. This significant drop reflects a loss of confidence in the ecosystem, which is being worsened by the poor performance of DogWifHat (WIF), Solana’s flagship memecoin. To put it in perspective, WIF saw its price decrease by 7% in one week and drop by more than 60% from its peak of $4.71 on March 31.

Of course, this drop in transaction volumes and the number of active traders on Solana comes within a broader context of a pullback in the crypto market. Over the past week, Bitcoin fell by 2.2%, while the total market capitalization of cryptos decreased by 3.4%. Solana will thus have to navigate between consolidation and innovation to face these challenges.

News source：https://www.kdj.com/cryptocurrencies-news/articles/solana-ecosystem-facing-turmoil-transaction-volumes-blockchain-decentralized-exchanges-dex-reached-lowest-level-march.html

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