In brief
- Solana’s daily DEX trader count has fallen to 900,000, down from 4.8 million earlier this year, Dune data shows.
- Retail traders are retreating amid meme coin scams, Instagram hijackings, and Ethereum’s rising dominance.
- Solana’s DEX volume share rebounded to 27% in August, though some warn its meme coin reliance may hinder growth.
Retail traders on Solana-based decentralized exchanges are shifting their attention elsewhere in the cryptoeconomy, with the month of August extending a year-long decline as concerns linger over scams related to meme coins.
The daily DEX trader count has plummeted from a peak of 4.8 million at the start of the year to just 900,000 in August, according to one Dune Analytics dashboard. Daily DEX transactions have also nearly halved, from a July peak of 45 million to 28.8 million.
One expert Decrypt spoke to has linked the dip to predatory meme coin rug pulls and Ethereum’s growing dominance.
