Jupiter, a decentralized exchange (DEX), has closed Q1 as the DeFi protocol with the highest count of daily unique active wallets. The DEX recorded a total of 179,000 daily unique active wallets, driven by the memecoin frenzy and the surge in transaction fees on Solana.
-based decentralized exchange Jupiter closed Q1 as the DeFi protocol with the highest count of daily unique active wallets over a 90-day period. This, according to DappRadar’s latest
In its newly published “State of the Dapp Industry Q1 2024” report, it found that the DEX’s daily unique active wallet count totalled 179,000. This was due to the memecoin frenzy that saw the values of some Solana-based assets such asdata, monthly transaction fees on Solana hit an all-time high of $69 million in March. This represented a 360% uptick in monthly transaction fees on the network in the year’s first quarter.
Likewise, protocol revenue derived by Solana from these fees also surged. Towards the end of March, it totalled $34 million. This marked a 389% spike in Solana’s monthly revenue from the $7 million-figure it saw in January.Following an extended period of relinquishing control to the bulls, SOL bears have re-emerged to initiate a decline in the altcoin’s price. Trading at $175 at press time, SOL’s price has fallen by 5% in the last week alone.
Likewise, AMBCrypto’s readings from the coin’s Directional Movement Index showed its positive directional index resting below its negative index . When these lines are positioned this way, it means that the bear power in the market exceeds the bull power. It indicates that the selling pressure is high, and the asset in question may see further price decline.
Finally, SOL’s Chaikin Money Flow at -0.04 revealed that the demand for the altcoin was low on the charts. This indicator measures the flow of money into and out of an asset. When its value is negative, it indicates a weak market.Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience.
Jupiter Decentralized Exchange DEX Defi Protocol Daily Active Wallets Memecoin Frenzy Solana Transaction Fees
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