- The trading volume of top Ethereum-based coins has decreased significantly.
- Ethereum’s weekly DEX volume plummeted by 25%.
Ethereum [ETH] Fee income has fallen significantly this week, suggesting a decline in network traffic and user participation.
Ethereum meme coin activity slows down
According to on-chain analytics firm IntoTheBlock, Ethereum validators collected a total of $116 million in fees over the week, representing a significant decrease of 41.2%.
The slump comes amid a decline in memecoin transactions on the network historically dominated by Ethereum.
Trading volume of top Ethereum-based coins such as Pepe [PEPE]Shiba Inu [SHIB]Floki Inu [FLOKI] It has fallen significantly over the past week.
This comes after frenzied demand in the first half of the month, according to AMBCrypto's analysis of Santiment data.
Source: Santiment
The decline in meme coin mania is also reflected in the decline in trading volumes on Ethereum-based decentralized exchanges (DEXs), platforms frequently used by crypto enthusiasts to exchange tokens.
According to DeFiLlama data analysis by AMBCrypto, just over $15 billion was traded on Ethereum DEXs this week, down 25% from the previous week.
Source: Defilama
Ethereum’s loss is Solana’s gain
The decline occurred as investors focused on Solana. [SOL] They use blockchain to satisfy their meme coin desires. Solana's total DEX volume increased by 3% this week.
Over the past week, an avalanche of new meme coins have been created on the network, gaining more users and, as a result, more revenue.
Solana provided a faster and cheaper alternative to degen coin flips compared to Ethereum.
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According to SOL market prices at the time of writing, the average transaction fee paid by Solana users in the past 24 hours was $0.027. Ethereum, on the other hand, charged an average of $1.19 to verify a transaction.
Reduced on-chain traffic means fewer native ETH tokens moving around, which in turn means lower demand. This contributed to a 5% drop in value this week, according to CoinMarketCap.
