Solana DEX trading volume plummets 82% in two weeks

Weekly trading volume on Solana-based decentralized exchanges (DEXs) has plummeted 82% in two weeks, falling from $104.3 billion to $18.8 billion amid waning memecoin investor sentiment, BeInCrypto reported, citing Dune Analytics data. The volume on Meteora (MET), for instance, plunged from $93.1 billion in the second week of May to just $9.2 billion in the fourth week. The report attributes the decline to several factors, including a decrease in new memecoin launches this year, a loss of fresh liquidity and market narratives, reduced profitability for trading bots, and sell-offs by key investors. Notably, a cohort of investors who had held SOL for between one and two years was identified as a source of the selling pressure.