90% Drop in Solana DEX Traders Stuns Analysts — What’s Behind the Exit?

Discover insights in the Crypto house. This article dives into: “90% Drop in Solana DEX Traders Stuns Analysts — What’s Behind the Exit?”.

Recent on-chain knowledge reveals that the variety of DEX merchants on Solana has plummeted since October final 12 months. Analysts have offered conflicting arguments to clarify this sharp decline.

The bearish camp believes merchants are abandoning the community, whereas the bullish aspect gives various explanations.

Solana DEX Traders Fall 90%

Data from Dune signifies that the every day variety of DEX merchants on Solana has dropped from over 8 million in October final 12 months to beneath 1 million at press time.

The chart illustrates an almost year-long, steady 90% decline. It means that merchants have left and not discover alternatives for revenue on the community.

Total Daily DEX Traders on Solana. Source: Dune

“Everyone left the casino or lost it all. Insane chart,” investor Qwerty commented.

Logically, fewer merchants ought to end result in decrease buying and selling quantity as a consequence of fewer members. However, knowledge from DefiLlama reveals that Solana’s every day DEX buying and selling quantity has remained regular between $3 billion and $5 billion. This discrepancy has fueled suspicions about the dominance of buying and selling bots on Solana.

“Looking at volume is way more misleading when we all know how many farms + volume bots are happening 24/7. Number of active traders falling off a cliff is horrible and can be felt even without a chart if you’re here every day,” investor NoCapMat.eth remarked.

According to CoinGecko, the year-to-date efficiency of high meme cash on Solana is unfavourable. Despite having the highest liquidity, these tokens have all posted losses starting from 10% to 70%.

Top Solana Meme Coins Performance Chart. Source: Coingecko.

Analysts clarify that merchants have misplaced curiosity in meme buying and selling on Solana following the launch of tokens comparable to TRUMP, MELANIA, LIBRA, and YZY. These tokens as soon as sparked hype however later ended in rug pulls and distrust, driving retail customers to different chains or forcing them to exit altogether.

Another Explanation for the Exit of seven Million Solana Wallets

However, bullish analysts argue that the sharp drop on the chart above might sign a backside earlier than a restoration, primarily based on private expertise.

usually when a chart goes viral on ct it both indicators the high or backside of that development like we noticed with ai brokers

intestine tells me this solana dex merchants chart places in the onchain backside for solana pic.twitter.com/14XQMFJJOM

— Baba (@0xBaba23) August 27, 2025

From a extra optimistic perspective, some analysts recommend that the seven million-wallet drop could replicate the removing of bots somewhat than actual customers. They clarify that bots inflated Solana’s previous metrics. Now that bot addresses are unprofitable, common customers have a fairer surroundings. Analysts see this as a wholesome signal for long-term progress.

Additionally, Matthew Nay, an analyst at Messari, disputed the accuracy of the surprising knowledge. He argued that Solana’s on-chain well being stays steady.

“…It’s just wrong—transactions, fee payers, and signers are all flat (not down as much as that chart says),” Nay acknowledged.

The debate over the reality behind Solana’s on-chain knowledge continues, reflecting the complexity of the community’s inside dynamics. Meanwhile, Solana’s worth (SOL) has risen 35% in August, buying and selling above $210, with bullish sentiment nonetheless dominating the altcoin.

The put up 90% Drop in Solana DEX Traders Stuns Analysts — What’s Behind the Exit? appeared first on BeInCrypto.

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