CDS Crypto News Trading activity on Solana DEX surges to a monthly all-time high (ATH) of 60 billion Dollars
Crypto News

Trading activity on Solana DEX surges to a monthly all-time high (ATH) of 60 billion Dollars

The increase in trading volume correlates with a notable enthusiasm for meme coins within the Solana ecosystem.

46
Trading activity on Solana DEX surges to a monthly all-time high (ATH) of 60 billion Dollars

Crypto News– Decentralized exchanges operating on the Solana blockchain have recently reached an impressive milestone, with their combined trading volume surging past $60.34 billion in March, as reported by DeFiLlama data.

Trading activity on Solana DEX surges to a monthly all-time high (ATH) of 60 billion Dollars

This achievement marks a remarkable feat, more than doubling the previous record set at nearly $28.14 billion back in December 2023. It stands as the second-highest trading volume across all blockchains, trailing only Ethereum’s $77.55 billion during the same month.

Binance Smart Chain (BSC) secured the third-highest spot in DEX trading volume, recording $47.81 billion, while Arbitrum followed closely with $27.74 billion, claiming the fourth position. Noteworthy is the substantial growth in trading volume observed on BASE, which surged almost 7 times to $7.8 billion during the month.

The craze surrounding meme coins

The surge in trading volume is indicative of a notable interest in meme coins within the Solana ecosystem, with standout performers including Dogwifhat (WIF) and Bonk (BONK), as well as newer entrants like Book of Meme (BOME) and Slerf (SLERF).

Meme coins associated with political figures such as Donald Trump and Joe Biden also witnessed gains during March.

Additionally, other meme coins on Solana, like Popcat (POPCAT), experienced significant price increases, with a 45% surge to a price exceeding $0.33.

Despite the inherent volatility of the meme coin market, Dogwifhat closed March with a notable 43.9% increase, while Bonk saw a modest 1.3% uptick by the end of the month.

Premier DEX platforms

Orca emerged as the frontrunner in the Solana decentralized exchange (DEX) arena, boasting a substantial trading volume of $3.6 billion in the previous week. Following closely behind are Raydium and Phoenix, with trading volumes of $1.73 billion and $1.6 billion, respectively.

During this period of intensified trading activity, Jupiter, a decentralized exchange aggregator on Solana, experienced significant benefits, witnessing a notable 24.9% increase in the value of its native token, JUP, over the past week.

As meme coins continue to fuel buying frenzies across the Solana network, the SOL token itself commenced April with a 4% decrease in value over the last 24 hours, currently priced just below $189.

Despite this slight dip, Solana’s market capitalization reached an unprecedented high of over $90 billion in March. This milestone underscores the remarkable growth and engagement within the decentralized finance sector, as well as the dynamic meme coin market.

Trading activity on Solana DEX surges to a monthly all-time high (ATH) of 60 billion Dollars

Leave a comment

Leave a Reply

Related Articles

19 April Crypto News- What Happened Crypto Markets Today

Stay in the loop with the latest in crypto! Get the scoop...

BTC vs. ETH Fees: Reasons Why Bitcoin Fees Have Soared in the Last 24 Hours

Bitcoin took the lead in the BTC vs. ETH fees battle.

BTC Halving 2024: Bitwise CEO Anticipates Bitcoin’s Price Rallying to 100K Dollars

Bitwise CEO Hunter Horsley revealed that a number of RIAs and multi-family...

Google Platform Exploited by Scammers to Push Phishing Site

The perpetrators have allegedly registered numerous domains mimicking Whales Market.