User activity has plunged after a hyped run-up to the introduction of the Runes protocol, which was expected by some to mirror Solana’s meme coin ecosystem.
This period could last between one to six months, and the sentiment will be the most negative right before the turnaround, one hedge fund manager said.
Dorsey, who led the social media platform from 2015 to 2021, developed a strong interest in crypto during that time and is now fully focused on the sector.