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.
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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.
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.
Despite the notable drop in network activity, founders Anatoly Yakovenko and Raj Gokal believe Solana shows a promising future in a volatile cryptocurrency market.
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- Bonk (BONK) Down 79% Against ATH – Is The Hype Over?
According to Beincrypto