Crypto activity just had its biggest cool off in months. Chain revenues fell to $200M in November, with BSC taking the heaviest hit after a surge in October.



App revenues told the same story. PancakeSwap went from one of the top earners in the entire industry to a fraction of its October run rate.

Such revenue troughs historically precede bull market recoveries, with similar 70%+ drops in 2021 leading to 2-3x price gains within six months across major chains like Ethereum and Solana.
CAKE4,37%
ETH-0,34%
SOL-1,06%
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