By looking on coingecko, you can notice a volume declining over the years and I might identified the issue, that could be seen as an iceberg.
Visible level : Spot/Perp/DEX prices
Deep level (not tracked) : crypto-swap exchange, localmonero or atomicswaps
Theres a looot of volume not tracked in the deep level, since a monero user is most likely using these ways (just look the last bad new it was a “nokyc” swap)
How this can be solved ?
I mean, all theses swaps going on “non-custodial” exchanges, their volume are not tracked. they probably represents a lot of transactions involved in circular economies. 600k tx in February while theres less volume isnt make sense