Solana DEX Volume of Trading Drops to 2.61 Billion Dollars, the Lowest since Mid-December

Solana DEX trading volume fell to $2.61bn on 16th February continuing its downward spiral and reaching the lowest level since December.

Meteora’s 18% growth was in contrast to the trends of Orca and Raydium, whose volumes fell nearly 30 percent over the last week.

The data According to DeFiLlama data, Solana’s DEXs saw a trading volume of around $20 billion for the week ended February 16. This continued a 5-week trend. Layer 1’s leading on-chain transactions volume fell by 28% the week before, reaching $31.8 billion in February 10. It is not surprising that the decreasing activity of Solana DEXs coincides with an overall downturn in the market.

Meteora, the leading DEX in terms of volume at $658.37 millions followed closely by Raydium with $836.37million. Orca takes the third place with $544.4 Million.

This drop is partly due to the decline in interest for meme coin trading that had exploded since the bull run began. Traders are growing tired of pump-and dump cycles, rug pulling, and insider trading.

The sentiment is similar. echoed Axel Adler Junior is a CryptoQuant Analyst who stated that the Solana Ecosystem has been negatively affected by meme coins, while recent events have shaken investor trust. LIBRA’s major rug pulling has been criticized. intensified concerns, contributing to SOL’s decline – falling by more than 10% in the past week and down 40% from its peak in January.

The March 1 release of 11,2 millions SOLs will add further pressure to the markets. These tokens had been sold by FTX during its bankruptcy. They were later purchased by Galaxy, Pantera, Figure, etc.