Solana recorded $ 102.4 billion in the negotiation volume in February, leading the market despite a monthly drop of 60%. The narrowing volume concerns the cooling of the frenzy of the same after the balance of balance token.
Despite the drop in volumes, Solana recorded more than $ 100 billion in volume for the fourth consecutive month. It amounted to more than $ 260 billion in monthly negotiation volume in January, breaking its previous $ 120.5 billion record by more than twice.
The total volume of exchanges in mind decreased by almost $ 200 billion last month, most of the large blockchains recording the losses, with the exception of the smart channel Binance (BSC). BSC had a negotiation volume of $ 81.1 billion, or $ 600 million in January.
However, it was not enough to beat Ethereum for second place, with a commercial volume of $ 100 million above the BSC last month.
Trading memecoin narrows
According to Blockworks dataSame, composed nearly $ 206 billion in the Solana’s monthly trading volume in January, or 79%.
However, the volume fell sharply in February, totaling $ 99.5 billion. However, it still represented 97.1% of Solana’s monthly trading volume.
The figures highlight the way in which Solana’s commercial activity is based strongly on the same, a sector strongly affected by the balance of balance.
On February 14, Javier Milei, president of Argentina, approved the same, saying that it was a way to finance Argentine companies.
After its tweet, the token jumped into the price and reached a market capitalization of $ 4.5 billion. However, the price of the balance crashed 95% within two days.
In addition to the frustration linked to the debacle of a token brought by the president, the episode raised questions concerning the negotiation activity of initiates, because a report by Nansen stressed that two portfolios benefiting from more than $ 10 million to buy the token after Milei had published on this subject.
In addition, same, even, recorded an average withdrawal of almost 46% in February, because the cryptography market posted an average retraction of 37% per artemis data.
In particular, the end of the frenzy of the same still hurts Solana in March, while Ethereum took the lead in the volume of monthly trading so far after dragging behind for five months.
