This happened post a frenzied demand in the first half of the month, as per AMBCrypto’s analysis of Santiment’s data.The fading meme coin mania was also reflected in the drop in trading volume of Ethereum-based decentralized exchanges — platforms frequently used by crypto degens to swap tokens.
According to AMBCrypto’s analysis of DeFiLlama’s data, volumes of just over $15 billion were facilitated on Ethereum DEXes in the week, marking a 25% drop from the week prior.Solana offered a faster and cheaper alternative for degens to flip coins in comparison to Ethereum.The reduced on-chain traffic meant that fewer native ETH tokens moved, in turn implying lower demand.
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