Catenaa, Thursday, February 20, 2025 – The trading volume on Solana decentralized exchanges (DEXs) plummeted to $2.61 billion on February 16, marking the lowest level since mid-December 2024. The drop continues a five-week downward trend for Solana’s DEX market, according to data from DeFiLlama.
Raydium and Orca, two major DEXs on Solana, saw significant reductions in their trading volumes, with Raydium’s volume falling by over 45% and Orca’s by nearly 30%. In contrast, Meteora, a smaller DEX, saw an 18% increase in volume, ranking as the top performer for the week with $658 million in trades, closely followed by Raydium at $836.37 million.
Solana’s overall on-chain transaction volume also saw a significant drop of 28%, reaching $31.8 billion for the week ending February 10. The decline in trading activity aligns with broader market trends, including fading interest in meme coins that had spiked during the recent bull run. The volatility of meme coins, including multiple instances of rug pulls and insider trading, has led to waning trader confidence, further exacerbating Solana’s downturn.
The Solana ecosystem has also been impacted by a recent major rug pull involving the meme coin LIBRA, which has shaken investor confidence. Additionally, 11.2 million SOL tokens are set to be unlocked on March 1, increasing market pressure as they come into circulation.
Solana’s native token, SOL, has declined more than 10% in the past week, falling 40% from its January peak.
