Decline in Solana Meme Coins Sparks Record $39M Outflows Amid Bearish Shift

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As the market turned bearish, meme coins on Solana – once notorious for their explosive popularity – are now seeing a decline.

Ethereum’s inflows were $4.2 million, with new providers attracting $104 million but Grayscale facing $118 million in outflows. XRP saw $0.4 million in weekly inflows during the same period. Weekly trading volumes declined to $7.6 billion, about 50% of the prior week’s volume, as recent macroeconomic data suggested the Fed may not cut interest rates by 50 basis points in September.

On the other hand, Switzerland and Hong Kong saw the most significant outflows totaling $30 million and $14 million respectively.Top 14 Best Decentralized Finance Projects in 2024

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