Solana's decentralized exchange (DEX) trading volume has dropped sharply by approximately 82% within a two-week period, according to BeInCrypto. Data from Dune indicates that total weekly DEX volume across Solana protocols fell from $104.3 billion in the week of May 11 to $18.8 billion by May 25, with the DEX Meteora experiencing a significant decline from $93.1 billion to $9.2 billion. This decline coincides with a reduction in meme coin launchpad activity, which has historically driven speculative trading on Solana. Additionally, Glassnode data reveals that a key holder cohort began reducing its SOL stake during this period, suggesting a potential link between the volume drop and holder behavior.