Since its exuberant highs on January 20, Solana has practically halved from a $130 billion market cap to $70 billion in the present day.

Even the US president choosing it over Ethereum for his eponymous memecoin, TRUMP, wasn’t sufficient to save lots of the blockchain from a worldwide bear market that has even minimize bitcoin (BTC) by 20%.

In fact, Solana is faring far worse than BTC. Since Trump entered the White Home, buying and selling quantity of Solana’s native token has dropped from $24 billion to $3 billion in the present day.

Transaction charges, protocol income, and lively customers have additionally dropped steeply since January 20. Protos has created a chart of elementary metrics of Solana’s blockchain since Trump grew to become president.

Trump was presupposed to be nice for Solana

Charges paid for SOL transactions have cratered 93% from $90 million in the course of the week of Trump’s inauguration to lower than $6 million this week.

Income to Solana validators noticed a fair steeper 98% decline from $45 million to beneath $900,000.

In response to TokenTerminal information, Solana misplaced one-third of its month-to-month lively customers, which plummeted from 98 million as of Trump’s inauguration to only 65 million in the present day.

With the price of TRUMP down 85% in two months, there are apparently fewer causes to make use of Solana lately. Certainly, the overall worth of crypto belongings locked on Solana’s DeFi platforms declined 36% from $11 billion on Inauguration Day to $7 billion in the present day.