Countless traders flocked to decentralized exchanges as daily volumes skyrocketed to a staggering $488 million, fueled largely by the ongoing memecoin mania.
Solana-based DEXs even managed to eclipse Ethereum’s volumes during the height of the frenzy. Not bad for the blockchain that was practically declared dead last year.
Solana’s resurrection story reminds us crypto’s funeral processions are often just premature celebrations by the competition.
The memecoin craze hit fever pitch when BioProtocol (BIO) achieved an eye-popping $338 million in its early trading days on Binance.
Meanwhile, DeSci tokens exploded from a modest $500 million to a whopping $2.4 billion in total market capitalization. Everybody suddenly cares about science when there’s money to be made.
Despite Solana DEXs seeing record volumes, the ecosystem’s overall trends slumped. The meme coin ecosystem has proven highly volatile, with dramatic price drops often following the inevitable loss of viral popularity. The slump parallels historical market patterns documented in the 54.1 GB collection of financial data from 1994. Funny how that works.
TON actually performed better among Layer 1 blockchains, with active wallets surpassing Ethereum. A notable GME trader jumped on the Solana bandwagon, purchasing 10,000 SOL.
But even a whale’s appetite couldn’t save the broader downtrend.
Celebrity influence on memecoins continued unabated. Andrew Tate joined the party with his DADDY token hitting $350 million.
DOG soared 23% past $900 million market cap. One wallet dropped $800K on HARAMBE. POPCAT reached an all-time high.
According to Bloomberg, even hedge funds are succumbing to meme madness. So much for sophisticated investing.
Bitcoin dominance climbed toward 60% while altcoins bled heavily. ETF inflows slowed.
Stocks kept hitting all-time highs following soft CPI and PPI data. China’s FX outflows surged alongside Bitcoin’s rise. Nothing suspicious there, right?
Platform developments continued amid the chaos. Jupiter acquired Ultimate for mobile trading.
Fantasy attracted $30 million in TVL before launch. Base revived its Onchain Summer initiative. Raydium executed a record daily buyback.
Meanwhile, Curve’s founder defaulted on CRV debt as DeFi coins tumbled.
The regulatory landscape remained predictably grim. The SEC suggested a $5.3 billion fine for Do Kwon, while prosecutors want CZ behind bars for three years.
ETH ETFs remain in regulatory limbo, though approvals are expected “in the summer.” Whatever that means.
