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So no one’s surprised that the first quarter of the year wasn’t exactly a stellar one, right? 

(If it makes you feel better, tech stocks also sank, according to Grayscale’s Research Insights.)

Overall, the crypto sector’s price index fell 18% during the quarter, which ended on March 21. 

Source: All charts from Grayscale

If you break it up by segments, “Consumer & Culture” had it bad. Some memecoins — like DOGE — were included in this segment, which helps explain the dramatic decline. 

A look at Solana active users

That’s also the case for smart contract…

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