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Solana’s decentralized exchange (DEX) volume has witnessed a drastic 20% decline since Monday, according to recent reports. This significant drop in volume coincides with the comments made by Anatoly Yakovenko, a co-founder of Solana, who criticized the notion of meme tokens and non-fungible tokens (NFTs).
Yakovenko took to social media on July 27 to express his discontent towards these assets, comparing them to mobile game loot boxes. This bold statement stirred controversy within the cryptocurrency community, with many connecting the dots between Yakovenko’s comments and the sudden downturn in DEX volume.
The DEX data reveals that Solana’s trading activity has taken a hit, plummeting from Monday’s $3.071 billion to $2.374 billion today. It is crucial to note that these fluctuations are not uncommon in the cryptocurrency industry; however, the correlation between Yakovenko’s remarks and the volume’s downfall has raised eyebrows.
Solana’s growth can be directly attributed to meme coins, which have become a vital aspect of the blockchain sector. Many popular meme tokens, such as PNUT, WIF, FARTCOIN, and PENGU, have been hosted on the SOL blockchain. Moreover, Solana is home to the most prominent meme launchpads (Pump.fun and Raydium). The network’s strong community, culture, profits, and growth momentum are a direct result of these viral meme assets and NFTs.
In response to Yakovenko’s comments, some participants have begun questioning whether his remarks signal a shift away from the popularity of these tokens. Whether this downturn is merely a natural correction or an immediate reaction to Yakovenko’s critique remains uncertain.
Source: coinjournal.net
