Solana DEX Volume Free Falls as Interest in BONK Token Wanes

The trading volume of decentralized exchanges (DEX) running on top of the Solana network has rapidly declined from January highs as interest in Bonk (BONK) token wanes.

On-chain data from DeFiLlama shows that trading volume on Solana-based DEXs dropped to $41.58 million on February 10, a 27% drop compared to the previous month. At the time, the market value of the relatively new dog-themed token skyrocketed by more than 3,000% to reach a new all-time high (ATH).

The launch of BONK in January also impacted the number of active SOL wallets, bringing them to pre-FTX collapse levels.

The Hype Is Over

Interest in BONK appears to have waned after losing a significant amount of market value. Crypto market data from BeInCrypto shows that BONK is down 81% from its ATH, retracing over 10% in the past 30 days alone.

Still, the Solana-based memecoin has managed to bounce from a critical area of support, posting 4.49% gains in the last 24 hours.

A step correction in the price of Solana’s native token followed BONK’s market value decline. SOL’s price took a 27% nosedive, going from a high of $26.87 on February 2 to a low of $16.66 eight days later.

On-chain data from DeFiLlama data also reveals that the total value of assets locked within the Solana ecosystem dropped by roughly 9% in February, from $264 million to $245 million. The same trend can be seen in the trading volume on Solana’s top NFT marketplaces.

Trading volume on Magic Eden is down by 54.32% to $40.71 million over the past month. Meanwhile, the trading volume of Solana-based NFT trades in OpenSea dropped by 25.34% to $113,870.

Despite the significant decline in network activity, founders Anatoly Yakovenko and Raj Gokal believe Solana is showing signs of a promising future in the midst of a volatile crypto market.