Due to the declining demand for the BONK token, trading volume on the Solana DEX has dropped
Due to diminishing interest in the Bonk token, Solana’s DEX volume decreased from January’s highs.
As interest in Bonk (BONK) token wanes, the trading volume of decentralized exchanges (DEX) operating on top of the Solana network has significantly decreased from January’s highs.
On-chain data from DeFiLlama indicates that trade volume on Solana-based DEXs decreased by 27% month-over-month to $41.58 million on February 10. At the moment, the market value of the relatively new token depicting a dog soared by more than 3,000% to a new all-time high (ATH).
BONK’s introduction in January also had an effect on the number of active SOL wallets, bringing them back to pre-FTX crash levels.
Following a large decline in market value, BONK looks to have lost some of its appeals. BeInCrypto’s crypto market statistics reveal that BONK is down 81% from its all-time high, retracing nearly 10% in the last 30 days alone.
Nonetheless, the Solana-based memecoin has rebounded from a crucial region of support, showing gains of 4.49 percent over the last 24 hours.
Following the drop in the market value of BONK, the price of Solana’s native token saw a step adjustment. From a peak of $26.87 on February 2 to a low of $16.65 eight days later, SOL’s price plunged by 27%.
In addition, on-chain data from DeFiLlama demonstrates that the entire value of assets locked inside the Solana ecosystem decreased by almost 9 percent in February, from $264 million to $244 million. A similar trend may be seen in the volume of trade on Solana’s leading NFT markets.
In the last month, the trading volume on Magic Eden decreased by 54.32 percent to $40.71 million. The volume of Solana-based NFT deals on OpenSea decreased by 25.34 percent to $113,870.
Despite the dramatic fall in network activity, Solana’s inventors Anatoly Yakovenko and Raj Gokal think cryptocurrency has a bright future in the turbulent cryptocurrency market.
