Solana’s DEX trading volume fell to $984 million from over $1.5 billion due to reduced memecoin trading.
SOL dropped to $161.49 from a peak of nearly $190, with open interest also declining.
The daily trading volume on decentralized exchanges (DEX) on the Solana blockchain has experienced a notable decline. On May 26, data from Artemis’ dashboard indicated that the volume had fallen to $984 million. This is a significant drop from the volume three days prior, which exceeded $1.5 billion. This decrease contrasts sharply with Solana’s performance in April, when the DEX volume reached a monthly record high of $60 billion.
The recent decline in trading volume can be attributed to reduced interaction with memecoins launched on the Solana network. Previously, a surge in memecoin trading had driven the volume to unprecedented levels. However, as the memecoin frenzy subsides, so does the trading volume on Solana’s decentralized exchanges.
Weakening Open Interest Signals Potential Down
