According to a report by BeInCrypto citing Dune Analytics data, the weekly trading volume of Solana (SOL)-based decentralized exchanges (DEXs) plummeted by 82% in just two weeks. The trading volume crashed from $104.3 billion to $18.8 billion, which is analyzed to be primarily caused by the recent significant contraction in meme coin investment sentiment.

In particular, as the meme coin craze cooled down, the trading volumes of major coins also showed a clear downward trend. In the case of Meteora (MET), the weekly trading volume, which reached $93.1 billion in the second week of May, plummeted to the $9.2 billion level in the fourth week of the same month.

The following factors are cited as the background for this decline in Solana DEX trading volume:

△ Decrease in new meme coin listings this year △ Loss of new liquidity supply and narratives, and a decline in trading bot profits △ Selling by core investors

In particular, it was tallied that a group of core investors who have held Solana (SOL) for more than one year but less than two years showed selling pressure, leading the bearish market.