Breaking Crypto News – Solana vs. New Competitor: Solana’s DEX Volume Surges, But a Challenger Emerges
Breaking Crypto News – According to DefiLlama data, last month Solana secured 25% of the $179 billion in cryptocurrency trade on DEXs, while Ethereum held 31% of the total. Solana had a 16% stake at the beginning of the year, while Ethereum had a 31% share. Consequently, only Ethereum has a higher percentage of trading volume on decentralized exchanges than Solana.
The rise in share is being driven by retail traders who speculate on memecoins, according to research released on Tuesday by cryptocurrency hedge fund Pantera Capital. The cheap transaction fees in Solana entice them.
Meme Coins Boost Solana’s Trading Volume
Solana has seen a surge in liquidity from traders hoping to profit from these popular cryptocurrencies, ranging from tokens with dog and cat themes to so-called politifi meme coins, or tokens inspired by political leaders. Another indication that the volume of meme coins is increasing is the fact that Solana has accounted for 85% of all new tokens traded on DEXs since the year’s beginning. Consequently, Phantom—a Solana wallet that facilitates network connectivity to DEXs—has emerged as the most popular software in the iOS store, according to Pantera.
For a crypto wallet to become the most downloaded app in the entire US app store is a remarkable feat, pointing to massive mainstream adoption of Solana. This retail influx is closely intertwined with the memecoin trading boom on Solana DEXs.
Pantera
FAQ
What Does DEX Volume Mean?
One kind of cryptocurrency exchange that enables direct trading between users without the need for middlemen or custodians is called a DEX (decentralized exchange). The entire quantity of cryptocurrency traded on a DEX over a specific period is known as the DEX with the largest trading volume.
Why is Solana Falling?
Solana has lately lost ground after not improving at all near the psychological $150 threshold. The strong selling pressure caused the price to fall nearly to its annual low of $130.
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