🌎 Solana Surpasses Ethereum in DEX Volume Due to Meme Coin Surge

Solana Surpasses Ethereum in 24-Hour DEX Volume Amid Meme Coin Surge

Solana has overtaken Ethereum in 24-hour trading volume within the decentralized exchange (DEX) industry, largely due to a significant rise in meme coin activity.

According to recent data, Solana DEX networks handled over $845 million in the past 24 hours, bringing the weekly volume to $5.17 billion. In comparison, Ethereum managed $747 million in the same period, with a weekly volume exceeding $6.4 billion. Other notable chains included BNB Smart Chain and Arbitrum, processing $3.86 billion and $2.32 billion respectively.

Top Performing DEX Platforms

The leading DEX platforms within Solana’s ecosystem over the last week were Orca, Raydium, and Phoenix.

Market Trends and Volumes

March was a standout month for Solana, with the network handling cryptocurrencies worth $60 billion. This was followed by July, during which Solana processed $56 billion in coins, while Ethereum managed $52 billion. The recent surge in Solana’s volume is attributed to the resurgence of several meme coins in recent days.

Meme Coin Performance

One of the top-performing meme coins, Popcat, has risen by over 25% in the last seven days, making it the best-performing top ten meme coin. Other notable mentions include Dogwifhat (WIF), which saw a 9.4% increase, pushing its market cap to over $1.72 billion. Cat In A Dogs World (MEW) rose by 16.2%, while Book of Meme experienced an 8.5% jump. Typically, crypto volumes increase when tokens are in an uptrend.

NFT Market Rebound

Solana also saw a strong resurgence in the non-fungible token (NFT) market. Over the past seven days, the total volume of Solana NFTs jumped by more than 35% to $16.7 million. The number of buyers increased by 153% to 220,000. Popular NFT collections included Sorare, DeGods, and Solana Monkey Business.

Recent Developments

Solana has been making headlines with several recent developments. Coinbase added support for Solana’s ckBTC, and developers launched PlaySolana, a handheld gaming console. The SOL token itself has experienced a significant rebound, spiking over the last six consecutive days, marking its highest swing since August 27.