In the last 24 hours, decentralized exchanges (DEXs) operating on the Solana network have accounted for the largest share of trading activity due to the continued popularity of meme coins.
Based on data from CoinGecko, Solana’s decentralized exchanges (DEXs) led in trading activity over the past 24 hours. The top three in terms of volume were Raydium, Jupiter, and Orca. Among these, Raydium had a trading volume of around $2.2 billion within the last 24 hours, which is nearly twice that of Uniswap V3 on Ethereum.
For approximately four months, the weekly decentralized exchange (DEX) trading volume on Solana has grown more than Ethereum. At present, the weekly DEX volume on Solana accounts for about 29.4% of the total volume on Ethereum – a notable increase from the 10.7% recorded at the start of December 2023.
Recently, there has been a considerable surge in the number of new tokens appearing on both the Base and Solana networks. As reported by The Block, at the start of April, more than half of all listed tokens on decentralized exchanges (DEXs) were on Base. Meanwhile, approximately 16,000 new tokens emerged on Solana around the same time. On April 8, the count of new DEX tokens on Base stood at roughly 1,010 out of a total of 1,650, making it a substantial portion.
Since December 2023, there’s been a surge in interest towards Base and Solana. This is mainly due to the buzz surrounding numerous meme coins that have emerged. On average, around thousands of new tokens are being introduced on Solana daily. Some of these tokens see their prices artificially inflated by speculators.
Solana’s affordable transaction fees have made it the go-to blockchain for creating meme coins. To get started, users usually download a wallet that supports Solana and utilize SOL tokens for transactions. With the surge in popularity of meme coins this year, the value of SOL nearly doubled, surpassing $200 for the first time since late 2021.
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2024-04-08 19:31