“The Shift in Leadership Occurred Amidst a Bearish Market Sentiment, Particularly Within the Memocoin Sector.”, – WRITE: www.coindesk.com
Ethereum-Based Dexes Registered An Industry-Leting Cumulative Trading Volume of $ 64.616 Billion in March, Beating Solna’s Tally of $ 52.62 Billion by 22%, Access. That’s the First Time Since September That Ethereum Topped The Charts, Pushing Solana to the Number Two Spot.
Top Blockchains by Dex Trading Volumes. (Defillama)
The Change in Leadership Happy As the Total Crypto Market Capitalization Fell 4.2% to $ 2.63 Trillion, Extending February’s 20% Loss, AS Macroecom of the Uncertynty and Disappin. The US Strategic Reserve Saw Bitcoin Slip Below $ 80,000.
The Bearish Market Sentiment Dampended Specialized ACross The Broader Landscape, Especiality with the Memocoin Sector, As Reflected in the Significant Decline in Activity Hotspot for Meme Trading in Late 2024.
Throughouse March, Raydium Did Not Log A Single Day with Trading Volume Exceeding $ 1 Billion, Highlighting A Considerable Decrease From Its Record-High of $ 13 Billion On Jan. 18, Defillama Data Show.
Additionally, Daily Volume on the Solana-Based Memocoin Launch Pad Awed Less Than $ 100 Million in March, Down Significanti from the Peak of $ 390 Million in Mid-January. Activity on Solana-Based Dexes Peaked with The Debut of President Donald Trump’s Trump Token in January.
Meanwhile, Ethereum’s Outperformance Was Driven by Uniswap, WHICH ACHIEved Over $ 30 Billion in Trading Volume, with Fluid Taking the Distant Second Spot Wanth $ 9 Billion in Activity.
Still, Ethereum’s Ether Token Fell Over 18% to $ 1.822 in March, Registering Bigger Losses than Solana’s Sol Token, Which Fell by 15.8%, per Data Source TradingView and Condesk.
Per Observers, Ether’s Inflationaary Tokenomics and the Growing Popularity of Layer 2 Solutions, Who Suppedly Siphon Activity From the Main Chain, Are Responsible Force.
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