Solana DEX Volume Free Falls as Interest in BONK Token Wanes
The buying and selling quantity of decentralized exchanges (DEX) working on high of the Solana community has quickly declined from January highs as curiosity in Bonk (BONK) token wanes.
On-chain data from DeFiLlama reveals that buying and selling quantity on Solana-based DEXs dropped to $41.58 million on February 10, a 27% drop in comparison with the earlier month. On the time, the market worth of the comparatively new dog-themed token skyrocketed by greater than 3,000% to succeed in a brand new all-time excessive (ATH).
The launch of BONK in January additionally impacted the variety of energetic SOL wallets, bringing them to pre-FTX collapse ranges.
The Hype Is Over
Curiosity in BONK seems to have waned after shedding a major quantity of market worth. Crypto market information from BeInCrypto reveals that BONK is down 81% from its ATH, retracing over 10% up to now 30 days alone.
Nonetheless, the Solana-based memecoin has managed to bounce from a crucial space of help, posting 4.49% positive aspects within the final 24 hours.
A step correction within the worth of Solana’s native token adopted BONK’s market worth decline. SOL’s worth took a 27% nosedive, going from a excessive of $26.87 on February 2 to a low of $16.66 eight days later.
On-chain data from DeFiLlama information additionally reveals that the full worth of belongings locked inside the Solana ecosystem dropped by roughly 9% in February, from $264 million to $245 million. The identical development will be seen within the buying and selling quantity on Solana’s high NFT marketplaces.
Buying and selling quantity on Magic Eden is down by 54.32% to $40.71 million over the previous month. In the meantime, the buying and selling quantity of Solana-based NFT trades in OpenSea dropped by 25.34% to $113,870.
Regardless of the numerous decline in community exercise, founders Anatoly Yakovenko and Raj Gokal consider Solana is displaying indicators of a promising future within the midst of a unstable crypto market.
Disclaimer
In step with the Belief Undertaking pointers, this worth evaluation article is for informational functions solely and shouldn’t be thought-about monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market situations are topic to alter with out discover. At all times conduct your personal analysis and seek the advice of with knowledgeable earlier than making any monetary selections.
