On August 31, 2024, cumulative daily DEX volume across all chains dropped to $2.58 billion, marking its lowest level since February 4.
This significant decline highlights a sharp downturn in on-chain activity, raising concerns about the current state of decentralized exchanges (DEXs).
Report: On August 31, 2024, cumulative daily DEX volume across all chains hit $2.58B, the lowest level since February 4, indicating a sharp decline in onchain activity.
During this downtrend, Ethereum and Solana remain the top chains for DEX volume pic.twitter.com/L7lAcvHJ6o
— SolanaFloor (@SolanaFloor) September 3, 2024
Despite this overall downtrend, Ethereum and Solana continue to dominate as the top chains for DEX volume. While both chains maintain their strong positions, Solana has distinguished itself by consistently leading in daily active addresses. Solana recorded 3.3 million daily active addresses, surpassing all other chains, with Near Protocol following at a distant second with 2.8 million.
JUST IN: Solana continues to dominate all other chains in daily active addresses.
Solana: 3.3M
Near: 2.8M pic.twitter.com/OKits6hpOE
— SolanaFloor (@SolanaFloor) September 3, 2024
In the midst of this, a significant player, likely a whale or institution, has been making substantial moves within the Solana ecosystem. Throughout 2024, this entity has sold 695,000 SOL, amounting to $99.5 million. Since January 1, this whale/institution has consistently offloaded an average of 19,306 SOL, or approximately $2.76 million, on a weekly basis, bringing the total to nearly $100 million worth of SOL sold this year.
Whale Still Holds Notable Amount Of SOL, Valued At $255 Million
Despite these large-scale sales, the whale/institution still holds a significant amount of SOL, with 1.88 million SOL, valued at $255.89 million, staked within the network. This substantial stake indicates continued confidence in Solana’s long-term potential, even as the market experiences fluctuations.
A whale/institution sold 695K $SOL($99.5M) this year!
Since Jan 1, this whale/institution has been selling an average of 19,306 $SOL($2.76M) weekly, totaling nearly $100 million worth of $SOL!
The whale/institution still has 1.88M $SOL($255.89M) staked.https://t.co/v6mJegPKCa… pic.twitter.com/3XHhPQJbdq
— Lookonchain (@lookonchain) September 3, 2024
As DEX volume reaches new lows, Solana’s dominance in active addresses and the significant activity of major stakeholders like this whale/institution underscore the chain’s resilience and importance in the current crypto landscape. While the broader market faces challenges, Solana’s sustained activity and strong network engagement position it as a key player in the ongoing evolution of decentralized finance.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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