The Solana-based decentralized exchange retailer has shifted attention elsewhere in the crypto economy, with the month of August extending the year-long decline as concerns remained about scams related to memecoin.
According to one, daily Dex traders have plummeted from a peak of 4.8 million at the start of the year to just 900,000 in August. Dune analysis Dashboard. Daily DEX transactions also peaked at 45 million to 28.8 million.
One expert Decryption Talked to Dip linked predatory memecoin lagpur and Ethereum advantage.
“The collapse of extraction memecoin, which has driven speculative retail trading, is a major factor in the rapid decline in daily dex traders,” said Ryan Lee, chief analyst at Bitegt.
“Solana’s reliance on the activities of volatile memecoin can undermine sustainable growth,” he said.
Decryption He reaches out to some Solana-based Dex. Representatives from the Solana Foundation did not immediately respond to requests for comment.
In August, hackers hijacked Instagram accounts of stars such as Adele, Future, Tyla and even Michael Jackson’s Real Estate. FreeBandza fake Solana Token whose value plummeted 98%.
Similarly, fake CR7 tokenwhich was incorrectly linked to Cristiano Ronaldo, surged to a market capitalization of $143 million minutes before insiders released liquidity.
The latest one was a fake code that mimics Kane West Office Office West Office West Office Web. West revealed on Wednesday that his Instagram account had been hacked, revealing that his official tokens have fallen by 81%.
Kicking off late last year, Solana’s Meme Coin Frenzy has replaced a rapid pump and dump scheme designed to extract value from unconscious investors.
As retail participation declines and whale control rises, Solana’s “retail chain” label is weakening.
Solan’s Dex volume share fell sharply from 76% in January to just 8% in June. “It’s driven primarily by a spinning into BNB Dexs,” said Max Shannon, senior associate at Bitwise Europe, which rebounded to about 27%. Decryption.
“The network is supported by a highly aligned roadmap and a clear vision, and with a clear vision to further improve throughput while reducing costs.”
These fundamentals, he said, positioned Solana as “still increasingly competitive” against her major rivals in the long term. “Overall, I am confident in the long-term health and success of my Solana Network and assets.
Solana has increased 1.8% a day to $215, up over 15% in a week.
