Solana DEX Volumes Hit Lowest Level Since March

On-chain trading on Solana is in a steady downtrend as memecoin mania fizzles out.

By: Squiffs Loading...

downward-trending arrows

Solana is set to close its slowest week since trading volumes peaked in March.

Over the last week, SOL has slumped by 7.9%, volumes on decentralized exchanges (DEXs) have decreased by 22%, and active DEX wallets are down 27%.

Despite an eventful week for Solana due to the drama surrounding the DJT memecoin, on-chain DEX volumes over the week are roughly $10 billion, a number not seen since February.

Solana DEX Volumes chart
Solana DEX Volumes

Coinciding with the decline in volume, the number of active traders also tumbled. Active DEX traders on Solana spiked to an all-time high of 2.9 million during the first two weeks of June, but that number has settled back to 2.1 million over the last seven days.

The sentiment around the Solana ecosystem has been further hurt by the price action of its poster-child memecoin, DogWifHat. WIF is down 7% on the week and has plummeted over 60% from its all-time high of $4.71 on March 31.

WIF Price chart
WIF Price

The latest Solana slump comes amid an overall market selloff. Over the last week, Bitcoin is down 2.2%, and the total crypto market cap is down 3.4%.