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Solana’s Real Economic Value Plunges 90% – What’s Next for SOL?
Solana has faced a significant drop in its real economic value (REV) of over 90%, largely attributed to the substantial decline in meme coin trading activity. The cryptocurrency’s price, however, is currently showing signs of strength with a 4.2% gain today and a hold above the crucial support level of $120.
As reported earlier, Solana has experienced a drastic plunge in decentralized exchange (DEX) volumes, which have plummeted by an astonishing 94% from their peak levels. The sudden downturn in trading activity is evident, and it remains to be seen whether this trend will continue or reverse course in the future.
The sharp decline in REV and DEX volumes signals reduced user engagement on Solana’s decentralized platforms, further exacerbating concerns regarding network revenue. Gas fee revenue has become increasingly concentrated, with a mere 0.95% of wallets responsible for generating nearly 95% of fees. This uneven distribution suggests that most users are no longer actively participating in the Solana ecosystem.
Despite the SOL price rising by 4.2%, it is crucial to exercise caution when investing in the asset. It’s essential to assess all current market trends and make informed decisions before making any investments.
It is critical for readers to conduct their own research and consult with financial experts before making investment decisions based on this information, as it may not be current or up-to-date.
