Solana: Waning NFT and network activity, while SOL is…

  • Solana failed to benefit from airdrops on its DEX, as activity on the network fell.
  • Interest in the Solana NFT sector also dropped, impacting the overall ecosystem.

Solana’s [SOL] ecosystem garnered a lot of attention over the last few months. One of the major reasons for this was the popularity of the DEXes (Decentralized Exchanges) on the network.

To leverage this opportunity, Jupiter declared an airdrop for its tokens.

While token airdrops typically draw users to networks in the days or weeks leading up to their launch, a similar trend was not observed on the Solana network.

Still a long way to go

According to Artemis’ data, Solana’s Daily Active Addresses fell from 1.17 million to 920,000 over the last few days. The overall number of transactions occurring on the network also noticed a descent.

A decrease in active addresses may signal a waning interest or engagement with the network.

A lower level of user activity and transactions can undermine Solana’s standing in the broader crypto space, potentially affecting investor confidence and the network’s overall ecosystem growth.

Source: Artemis

Additionally, Solana’s NFT sector failed to gain traction as well.

Over the last month, the Solana NFT blue-chip index, which tracks the most prominent NFTs on Solana, witnessed a decline in interest, sitting at 3715.581 at press time.

This could have adverse effects on Solana’s overall ecosystem and market standing, moving forward.

Screenshot 2024 01 31 at 12.30.37 PM

Source: Solanafloor

How much are 1,10,100 SOLs worth today?

State of SOL

The SOL token was also not doing well during this period. In the last 24 hours, the overall price of SOL fell by 2.11%. At press time, it was trading at $101.

Moreover, in the last few weeks, SOL’s trading volume fell from 5.78 billion to 2.81 billion.

Solana SOL 13.10.44 31 Jan 2024

Source: Santiment

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