Did Solana Onchain Volume Really Make an All-Time Low? Separating Fact from Fiction
Amidst market downturn, misinformation spreads regarding Solana's on-chain volume, but the data reveals a different story.
- Author: Sheldon Cooper
- Published: September 2, 2024 at 15:43
- Updated: September 2, 2024 at 15:55
Recent claims that Solana's onchain volume has reached a historic low have sparked concerns within the crypto community.
A viral tweet with 700k impressions, even amplified by a prominent freelance reporter ZeroHedge with 1.9M followers on X (formerly Twitter), spread the news like wildfire. But does the data support this alarming narrative?
False Alarm Amidst Market Downturn
While decentralized exchange (DEX) volumes across all chains have declined, Solana's DEX volume has also decreased. However, according to Defillama's data, Solana remains the second largest chain by daily, weekly, and monthly DEX volume, demonstrating its resilience in the face of market challenges.
August Figures Tell a Different Story
August alone saw Solana amass a significant $42 billion in DEX volume. This impressive feat places August as Solana's 3rd highest volume month ever, rendering claims of an all-time low completely baseless.
For context, Solana's highest monthly volume in 2023 was $28B in December 2023.
Solana's Market Dominance
Solana's market dominance stands tall at over 19%, exceeding last year's figures. Despite the broader market headwinds, Solana retains its foothold and is nowhere near an annual low in onchain volume.
Solana's lowest daily volume in 2024 was $459M, and in the last 30 days, Solana has not even made a new yearly low, let alone touched an all-time low in onchain volume. The evidence clearly refutes the circulating fake news.
In times of market downtrend, misinformation can run rampant. Remember, the numbers hold the truth. Solana maintains its position as a dominant force in the crypto space, and any claims to the contrary are nothing more than noise.