As a seasoned researcher who has witnessed the ebb and flow of the crypto market for years, I find it intriguing to observe this recent surge in volume across various platforms. The comeback of Solana, Base, and Sui’s DEX networks is particularly noteworthy, with their impressive gains in the last seven days.
Crypto volume staged a strong comeback in centralized and decentralized exchanges as most coins bounced back.
Solana, Base, and Sui’s volume soared
Based on data from DeFi Llama, it appears that decentralized exchange (DEX) networks on Solana (SOL), Binance Smart Chain (Base), and Sui (SUI) have been spearheading the recovery. Notably, these platforms experienced increases of approximately 40%, 20%, and 30% respectively.
In the past week, decentralized exchanges on Solana transacted a total of approximately 7.13 billion dollars, whereas Base and Sui handled around 3.92 billion dollars and 597 million dollars respectively.
In September, the combined transaction volume on both CEX (Centralized Exchange) and DEX (Decentralized Exchange) networks reached its lowest point since February. Specifically, DEX networks processed approximately $114 billion worth of transactions, a significant drop from the $172 billion seen in August. Notably, Ethereum, Solana, and BNB Smart Chain saw the highest volume of transactions during this period.
As a crypto investor, I noticed that while decentralized exchanges (DEX) saw a surge in trading activity last month, centralized exchanges (CEX) handled a substantial $895 billion in transactions, marking a decrease from the $1.2 trillion recorded in the preceding month. Interestingly, Binance led the pack with the highest volume, followed closely by Bybit, OKX, and Coinbase.
Over the past week, the market’s bounce back was primarily driven by the continued growth in the cryptocurrency sector. This surge saw Bitcoin (BTC) reach an impressive high of $66,000, while Ethereum (ETH) experienced a significant spike to $2,700.
The rally primarily occurred due to two main reasons: First, the Federal Reserve initiated a reduction in interest rates, and second, the Chinese government implemented stimulus measures. Additionally, the market experienced an upturn following the release of Binance’s founder, Changpeng Zhao, from prison.
FLOKI, SHIB, PEPE, and DOGE are all seeing a surge of popularity at the same time on platform X! 🔥This increase in attention follows closely after Binance’s founder Changpeng Zhao’s release from prison, which has given a significant boost to the entire BNB community.With CZ back in control, the meme coin market and BNB projects may be on the verge of an exciting…— FLOKI (@RealFlokiInu) September 28, 2024
Solana’s meme coins pumped
Solana’s jump happened as most meme coins in its ecosystem recovered.
As a crypto investor, I’ve been closely monitoring the remarkable surge of MOODENG. According to CoinGecko, this cryptocurrency has skyrocketed nearly 700% in just the past seven days, catapulting its market capitalization above $300 million. This rapid growth is certainly grabbing my attention!
Iggy (MOTHER), linked to rapper Iggy Azalea, experienced a 96% increase in value, reaching approximately $112 million. In total, the market capitalization of all Pump.fun tokens surged past $1.06 billion. Moreover, the accumulated fees have risen above $148 million.
In the past week, Aerodrome, which recently surpassed $1 billion in total locked value for the first time, has been the busiest decentralized exchange (DEX) network on Base. It processed a staggering $2.66 billion in transactions during this period. Coming in second and third were PancakeSwap and Clober respectively.
In the decentralized exchange (DEX) scene of the Sui ecosystem, Cetus, DeepBook, Turbos, and Kriya stood out as the prominent networks. Meanwhile, BNB Smart Chain, Arbitrum, Optimism, and Polygon also demonstrated strong performance in this area.
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2024-09-28 21:06