Crypto volume experienced a significant resurgence in both centralized and decentralized exchanges as most coins saw a recovery.

Solana, Base, and Sui Volume Soared

According to recent data, decentralized exchange (DEX) networks on Solana, Base, and Sui led the recovery, with volumes increasing by 40%, 20%, and 30%, respectively. Over the past seven days, Solana DEXes handled $7.13 billion, Base managed $3.92 billion, and Sui processed $597 million.

However, the total volume handled by centralized exchanges (CEX) and DEX networks in September was the lowest since February. DEX networks managed over $114 billion, down from $172 billion in the previous month. Ethereum, Solana, and BNB Smart Chain recorded the highest monthly volumes.

On the other hand, CEX volume reached $895 billion during the month, down from $1.2 trillion in the previous month. Binance led in volume, followed by Bybit, OKX, and Coinbase.

Market Rebound Driven by Macro Factors

The recent rally in the last seven days can be attributed to an overall crypto market rebound. Key cryptocurrencies like Bitcoin rose to $66,000, and Ethereum surged to $2,700. This rally was driven by the Federal Reserve’s decision to start cutting interest rates and the Chinese government’s stimulus efforts. Additionally, Binance’s founder, Changpeng Zhao, was released from prison, further boosting market sentiment.

“$FLOKI, $SHIB, $PEPE, and $DOGE are trending simultaneously on X! 🔥”

This surge in interest aligns with the release of Changpeng Zhao, positively impacting the entire BNB ecosystem. With CZ back, the memecoin sector and BNB projects might see renewed interest.

Solana’s Meme Coins Pumped

Solana’s ecosystem saw a notable increase as most meme coins recovered. Data shows that Moo Deng’s (MOODENG) price surged by nearly 700% in the past seven days, bringing its market cap to over $300 million. Mother Iggy (MOTHER), associated with Rapper Iggy Azalea, rose by 96%, pushing its valuation to over $112 million. The market cap of all Pump.fun tokens collectively jumped to over $1.06 billion, with collected fees exceeding $148 million.

Base and Sui’s Leading DEX Networks

Aerodrome, which saw its total value locked rise to over $1 billion for the first time, emerged as the most active DEX network on Base, handling over $2.66 billion in the last seven days. It was followed by PancakeSwap and Clober. Cetus, DeepBook, Turbos, and Kriya were the leading DEX networks on Sui. Other top performers included BNB Chain, Arbitrum, Optimism, and Polygon.

Stay informed on the latest news in the cryptocurrency world by exploring more updates on Global Crypto News.

#InvestSmart #SmartContracts

Post Views: 7