Solana DEX volume plummets as BONK loses hype

Trading volume on the decentralized exchange (DEX) running on the Solana network has dropped rapidly from its January highs as interest in the Bonk (BONK) token dwindles.

On-chain data from DeFiLlama shows that on February 10, the trading volume of Solana-based DEXs dropped to $41.58 million, down 27% from the previous month. At the time, the relatively new dog-themed token surged more than 3,000% in market cap to hit an all-time high (ATH).

The launch of BONK in January also impacted the number of active SOL wallets, bringing them to pre-FTX levels.

Source: DeFiLlama

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Interest in BONK appears to have waned after a significant drop in market cap. Market data shows BONK is down 81% from its ATH and has retraced more than 12% over the past 30 days.

The Solana-based memecoin is down about 3% over the past 24 hours.

Source: TradingView

Solana’s native token was lowered after the price of BONK fell. SOL’s price fell 27%, from a high of $26.87 on Feb. 2 to a low of $16.66 eight days later.

On-chain data from DeFiLlama also shows that the total value of assets locked in the Solana ecosystem fell by around 9% in February, from $264 million to $245 million. A similar trend can be seen in the trading volume of Solana’s top NFT marketplaces.

Over the past month, Magic Eden’s transaction volume has dropped by 54.32% to $40.71 million. At the same time, the volume of Solana-based NFT transactions in OpenSea fell by 25.34% to $113,870.

Source: DappRadar

Despite the notable drop in network activity, founders Anatoly Yakovenko and Raj Gokal believe Solana shows a promising future in a volatile cryptocurrency market.

  • Solana’s bull market in danger of drying up after 120% surge
  • Bonk (BONK) Down 79% Against ATH – Is The Hype Over?


According to Beincrypto

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