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    Home»Ethereum»Solana leads monthly on-chain volume despite 60% decline amid memecoin crash
    Ethereum

    Solana leads monthly on-chain volume despite 60% decline amid memecoin crash

    Team_SimonCryptoBy Team_SimonCryptoMarch 7, 2025No Comments2 Mins Read
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    Solana registered $102.4 billion in buying and selling quantity in February, main the market regardless of a 60% month-to-month lower. The shrinking quantity pertains to the cooling off of the memecoin frenzy following the LIBRA token fiasco.

    Regardless of the falling volumes, Solana registered over $100 billion in quantity for the fourth consecutive month. It amounted to over $260 billion month-to-month buying and selling quantity in January, besting its earlier report of $120.5 billion by over twice.

    The overall on-chain buying and selling quantity decreased by almost $200 billion final month, with most main blockchains registering losses, besides Binance Good Chain (BSC). BSC had a buying and selling quantity of $81.1 billion, simply $600 million wanting January.

    Nonetheless, it was not sufficient to beat Ethereum for second place, with a buying and selling quantity of $100 million above BSC final month.

    Memecoin buying and selling shrinks

    In response to Blockworks data, memecoins composed almost $206 billion in Solana’s month-to-month buying and selling quantity in January, representing 79%.

    Nonetheless, the amount fell sharply in February, totaling $99.5 billion. However, it nonetheless represented 97.1% of Solana’s month-to-month buying and selling quantity.

    The numbers spotlight how Solana’s buying and selling exercise depends closely on memecoins, a sector closely affected by the LIBRA token incident. 

    On Feb. 14, Javier Milei, President of Argentina, endorsed the memecoin, claiming it was a option to fund Argentinian ventures.

    After his tweet, the token jumped in worth and achieved a $4.5 billion market cap. Nonetheless, LIBRA’s worth crashed by 95% within the following two days.

    Along with the frustration tied to the debacle of a president-endorsed token, the episode raised questions relating to insider buying and selling exercise, as a report by Nansen identified that two wallets profited over $10 million from shopping for the token after Milei posted about it.

    Furthermore, memecoins registered a virtually 46% common drawdown in February, because the crypto market posted a median retraction of 37% per Artemis knowledge.

    Notably, the top of the memecoin frenzy nonetheless hurts Solana in March, as Ethereum took the lead in month-to-month buying and selling quantity up to now after trailing behind for 5 months.

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