The past year has been tough for the Solana network. The platform suffered from massive losses and loss of goodwill on account of its association with the FTX exchange. However, the blockchain has been making an effort to keep its head above the water.

To this effect, the firm launched a new DEX project and a native token BONK in the first month of the current year.

DeFiLlama’s On-chain Data

However, at present, the popularity of the BONK token is reportedly suffering from massive shock. Cryptocurrency analytics firm DeFiLlama has recently shared a report based on on-chain data.

The report indicates a sharp decline in trading volume for the DEX token. BONK token dropped to $41.58 million in February, experiencing a loss of 27% since last month.

BONK token, which reported unreal traction of 3000% in the first month of its inception, is now in free fall. The currency aimed to take on the dog-themed meme currencies craze taking hold of the DeFi investors. When the token was introduced, a considerable amount of increase was seen in the wallet count of Solana.

However, the report published by DeFiLlama indicated that the slowing pace of BONK had caused a rift in the active wallets as well.

The unique active wallet metric for Solana has returned to the same level that it was before FTX’s demise. It is not surprising, considering that BONK has lost 81% of its value since the last ATH.

Some experts have speculated that the fall of BONK is insinuated by the price depreciation of the SOL coin. Since its last ATH of $26.87, the currency has crashed by 27%, fairing at only$16.66 during the last eight days.

DeFiLlama has indicated that the native currency of the Solana blockchain has drowned by 9% since the start of February.

It seems that the NFT products hosted on the Solana blockchain are also not safe from the crashing downtrend. OpenSea, the most popular NFT marketplace in DeFi, has experienced a revenue decline of 25%.

The project is hosted on the Solana blockchain. Solana heads, Yakovenko and Gokal, have maintained an optimistic outlook for the performance of Solana and its dApps.