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Solana [SOL] ranked second by NFT volume

Solana [SOL] ranked second by NFT volume

Solana did well on the NFT market over the past thirty days. According to data from Delphi Digital, Solana did better in terms of NFT volume than almost all other cryptocurrencies and came in second.

Even with this great performance, Solana’s NFT market dominance could be threatened by a drop in transaction volume and the move of major NFT collections to other chains.

Solana traders reduced

Solana’s success on the NFT market has been helped in a big way by the growth of Blue chip NFTs in its ecosystem.

Solana [SOL] ranked second by NFT volume

The number of traders going down was another sign that people were losing interest in Solana’s NFT ecosystem. According to data from NFTGO, the number of traders has dropped from 5,235 to 2,405 in the past few weeks.

Dune Analytics says that the volume of transactions on the Solana network was affected by this drop.

Solana [SOL] ranked second by NFT volume

Also, the fact that Solana’s decentralized applications were becoming less active showed that people were losing interest in the ecosystem. Dapp Radar says that the number of wallets being used for popular dApps like Magic Eden, Raydium, and Saber has gone down.

In the past week, the number of unique active wallets on each of these dApps’ platforms dropped by more than 20%. One of the biggest NFT markets on Solana, Magic Eden, saw its volume drop by 12.77 percent. At the time of publication, the dApp had about $21,370,00 worth of transactions.

Solana [SOL] ranked second by NFT volume

A deep look at Solana

Over the past few days, the number of Solana tokens has risen. Even though Solana’s volume kept going up, its development activity fell, which means that fewer people contributed to its GitHub.

Even so, at the time of publication, the price of the SOL was $25.20, which was an increase of 1.14% over the previous 24 hours.

About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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