Amid the ongoing meme coin frenzy, decentralized exchanges (DEXs) on the Solana network have dominated trading volume in the past 24 hours. According to CoinGecko, Solana-based DEXs such as Raydium, Jupiter, and Orca have seen the most trading activity. Raydium alone recorded a trading volume of $2.2 billion in the last 24 hours, almost double that of Uniswap V3 on Ethereum.

The weekly DEX volume on Solana has been steadily increasing compared to Ethereum for almost four months now. Currently, the weekly DEX volume on Solana is 29.4% of the weekly DEX volume on Ethereum, a significant increase from just 10.7% at the start of December 2023.

Interest in the Base and Solana networks has been on the rise since December 2023, driven largely by the surge in meme coin launches. The number of new tokens on these networks has seen a sharp increase in recent months, with Base accounting for over half of all listed tokens on DEXs at the beginning of April, while Solana saw around 16,000 new tokens added. The number of new DEX tokens on Base alone reached 1,010 out of a total of 1,650 on April 8, marking a significant portion of the market share.

Solana’s low transaction fees have positioned it as the go-to blockchain for launching meme coins. Users can easily engage with the network by downloading a Solana-enabled wallet and utilizing the SOL token for transactions. With the growing popularity of meme coins, the price of SOL surged, almost doubling at the start of the year and surpassing the $200 mark for the first time since the end of 2021.

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