Photon, BullX, and GMGN have experienced a significant decline in volume and trading users in the past few days.

Wu learned that, according to the @adam_tehc data panel, the three mainstream Meme trading platforms, Photon, BullX, and GMGN, have experienced a significant decline in volume and trading users in the past few days, which is a reflection of poor on-chain liquidity. Photon had an average volume of about $143 million in the past three days, a decrease of about 77% compared to the peak in mid-to-late January; the average number of trading users in the past three days was about 558,000, a decrease of about 45% compared to the peak in mid-to-late January. BullX had an average volume of about $119 million in the past three days, a decrease of about 70% compared to the peak in mid-to-late January; the number of trading users has been on a continuous decline since the end of January. GMGN had an average volume of about $32 million in the past three days, a decrease of about 85% compared to the peak in mid-to-late January; the number of trading users was about 376,000, a decrease of about 50% compared to the peak in mid-to-late January.