- Jupiter records the highest daily usage in Q1
- SOL’s price drop has led to a decline in demand.
SolanaJupiter-based Decentralized Exchange [JUP] DeFi closed the first quarter of 2018 with the most unique wallets active every day over a period of 90 days. DappRadar’s most recent report confirms this. report.
Its newly-published “State of the Dapp Industry Q1 2024” The report found that DEX had 179,000 unique wallets active each day. It was caused by the memecoin fever that drove the prices of Solana’s assets, such as dogwifhat [WIF] Book of Meme [BOME] Skyrockets by triple digits.
Solana benefited from an increase in user activity, with its transaction fees as well as revenue generated from Jupiter.
As per Token Terminal’s Data shows that monthly Solana transaction fees reached a record high of $69,000,000 in March. The network’s monthly transaction fee grew by 360% in the first quarter of the year.
Solana’s protocol revenues from the fees have also risen. It totaled $34 millions by the end of march. Solana increased its revenue by 389% from January’s $7 million.
Show of Strength
SOL’s bears are back after a period where bulls had been in control. They have now started a downward trend for the price of the altcoin. SOL, which was priced at $175 when we went to press, has dropped 5% over the past week.
Here’s a list of realistic and not-so-realistic images. SOL’s market cap in BTC’s terms
SOL’s Elder-Ray Index, which measures the strength of bearish sentiment at the time of press release, returned a value that was negative. This indicator is used to estimate the relationship between buyer and seller strength in the market. If its value is lower than 0, it indicates that there is more selling pressure on the market.
AMBCrypto also showed that the Directional Movement Index of the coin (DMI), which measures its positive index, was below its negative one (red). These lines will be positioned in a way that indicates the strength of the bears on the market is greater than the bulls. The lines indicate that selling pressure has increased and there may be further declines in the price of the asset.
SOL’s Chaikin Money Flow at -0.04 showed that demand for altcoins was very low. This indicator shows the amount of money flowing into or out of a particular asset. Its negative value indicates a weakening market.
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Source: ambcrypto.com