Solana's decentralized exchanges (DEXs) experienced a significant decline in trading volume, reaching its lowest point since mid-December. Raydium and Orca saw substantial drops, while Meteora bucked the trend with an increase. The downturn aligns with a broader market decline and concerns surrounding meme coin trading and recent rug pull events.
Solana DEX ’s trading volume dropped to $2.61 billion on February 16, continuing its downward trajectory and reaching its lowest level since mid-December.
While Raydium’s volume plunged by over 45% and Orca’s fell by nearly 30% in the past week, Meteora bucked the trend with an 18% increase.compiled by DeFiLlama, Solana’s decentralized exchanges saw around $20.2 billion in trading volume for the week ending February 16, continuing a five-week decline. The leading Layer 1 solution’s on-chain transaction volume dropped by 28% in the previous week as it hit $31.8 billion by February 10th.
Meteora reported the most activity as the top DEX with a volume of $658 million, closely following Raydium at $836.37 million. Orca is in the third spot with $544.4 million. The drop in Solana’s DEX volume is also partly due to the fading enthusiasm for meme coin trading, which had surged since the start of the bull run. With numerous meme coins emerging and disappearing, traders appear to be growing weary of the repeated pump-and-dump cycles, rug pulls, and instances of insider trading.by CryptoQuant analyst Axel Adler Junior, who said that meme coins are negatively affecting the Solana ecosystem, with recent events further shaking investor confidence.
Adding to market pressures, 11.2 million SOL will be unlocked on March 1. These tokens were initially sold off during FTX’s bankruptcy and later acquired by firms like Galaxy, Pantera, and Figure.One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions.
Solana DEX Trading Volume Meme Coins Rug Pull
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Solana Stablecoin Supply Doubles to $10 Billion Fueled by TRUMP Memecoin FrenzySolana's stablecoin supply surged to $10 billion this month, driven by a trading frenzy surrounding the launch of Donald Trump-tied TRUMP memecoin. TRUMP's initial availability on Solana-based DEX Meteora, paired with USDC, boosted demand for the stablecoin. Solana also recorded record $25 billion daily DEX trading volume and SOL, its native token, was the top performer in the CoinDesk 20 Index.
Read more »
Solana Eyes $300 Milestone as DEX Volume Hits $27 BillionSolana (SOL) price surges, reaching a new all-time high of $295.83. Its decentralized exchange (DEX) trading volume hits a record $27 billion, fueled by the popularity of meme coins TRUMP and MELANIA. Technical indicators and on-chain metrics suggest a continuation of the rally, with SOL's Total Value Locked (TVL) and fees generated hitting record levels.
Read more »
MemeX by Phemex: Effortless Meme Token Trading on Solana for EveryoneMemeX by Phemex: Effortless Meme Token Trading on Solana for Everyone
Read more »
Solana DeFi Exchange Ranger Protocol Raises $1.9M to Build AI-Assisted TradingRanger Protocol, a Solana-based crypto derivatives exchange, has secured $1.9 million in funding to develop AI-powered trading strategies. The protocol aggregates crypto perpetual contracts (perps) from various sources, offering traders access to deeper liquidity. With this new investment, Ranger plans to introduce AI agents that will execute programmatic trading strategies combined with social media and data insights.
Read more »
Solana Explodes with Trading Activity Fueled by TRUMP and MELANIA TokensSolana's blockchain experienced a record surge in trading activity driven by the TRUMP and MELANIA tokens, leading to significant increases in validator fees and a spike in transaction bundle processing. The event highlights the growing popularity and volatility of the Solana ecosystem.
Read more »
Solana Sees Record Trading Fees Amid TRUMP and MELANIA Token FrenzySolana's network witnessed a surge in trading activity fueled by the TRUMP and MELANIA tokens, resulting in record-breaking transaction fees and tips for validators. The increased activity reflects growing interest in token sniping and decentralized finance on the Solana platform.
Read more »