Memecoin Market (30 December 2024) – US-based Platforms and Pepe’s Surge Drive Market Growth
Memecoin Market (30 December 2024) – In December, decentralized exchanges (DEXs) set a new all-time record for trading volume, reaching $462 billion, according to data from the DeFi data platform DefiLlama. This marks the highest monthly volume ever recorded for DEXs, continuing the strong momentum seen in November. November also saw impressive figures, with the total DeFi market volume hitting $374 billion. This surge was largely driven by growing optimism about the US regulatory environment after Donald Trump‘s presidential victory.
Top Decentralized Exchanges by Volume
When it comes to trading volume, Uniswap continues to lead the pack. In the last 30 days of December, Uniswap processed $106.4 billion in trades, according to DefiLlama. PancakeSwap held the second spot, with $96.4 billion in monthly volume. Raydium, the largest DEX on the Solana blockchain, came in third with a $58 billion monthly volume. This surge in Raydium’s trading volume aligns with a revenue boost in Solana’s decentralized applications (DApps) during November.
Solana’s DApp Revenue Surge
According to Syndica‘s report on December 17, Solana-based DApps recorded a total revenue of $365 million in November. This figure was largely driven by memecoins launched through the Solana memecoin launchpad, Pump.fun.
Other Notable DEXs by Volume
In fourth and fifth place were Aerodrome and Orca, respectively. Aerodrome posted a volume of $31 billion, while Orca achieved $22 billion. Other notable decentralized exchanges such as Lifinity, Curve Finance, and Hyperliquid combined for a total of $43.6 billion in monthly trading volume.
Memecoin Market Correction in December
While the DeFi market saw a surge in trading volume, the memecoin market experienced a significant correction. Data from CoinMarketCap shows that the overall memecoin market cap skyrocketed early in December, before seeing a steep decline.
On December 9, the total market cap for memecoins peaked at $137 billion, but by December 23, this value had dropped by $45 billion, settling at $92 billion. As of the latest data, the market cap for memecoins stands at $95 billion, representing a 20% drop from its December 1 value.
This early surge in memecoin prices was likely fueled by increased interest from US-based trading platforms that listed popular memecoins like Pepe (PEPE), which hit a new all-time high during this period.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
Leave a comment