Ethereum Reclaims DEX Trading Crown: Is the Memecoin Hype Fading?
As market turbulence slowed activity on Solana, the preferred platform for memecoin traders, Ethereum regained its position as the top smart contract blockchain for DEX trading last month. According to data source DefiLama, Ethereum-based DEXes recorded an industry-high cumulative trading volume of $64.616 billion in March, 22% more than Solana’s total of $52.62 billion. Ethereum jumped to the top of the charts for the first time since September, knocking Solana down to number two.
The shift in leadership took place while the whole cryptocurrency market value continued its 20% decrease from February, falling 4.2% to $2.63 trillion. Bitcoin fell below $80,000 due to macroeconomic uncertainties and dissatisfaction with the lack of fresh cryptocurrency purchases in the U.S. strategic reserve.
Solana DEX Volumes Take a Hit: Memecoin Investors Retreat
As evidenced by the notable drop in activity on Raydium, the top Solana-based DEX and a hub for meme trading in late 2024, the pessimistic market sentiment tempered speculation throughout the entire landscape, particularly within the memecoin space. According to DefiLlama data, Raydium did not record a single day in March with trade volume above $1 billion, indicating a significant decline from its record high of $13 billion on January 18.
In addition, the average daily volume on the Solana-based memecoin launchpad in March was less than $100 million, compared to the peak of $390 million in mid-January. The peak of activity on DEXes located in Solana occurred in January when President Donald Trump’s TRUMP token was launched. Fluid came in a far-off second with $9 billion in activity, while Uniswap led Ethereum‘s outperformance with a trading volume of about $30 billion.
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