As a seasoned researcher with a penchant for blockchain technology and digital assets, I find myself constantly amazed by the dynamic nature of the crypto market. The recent surge in Solana’s volume has caught my attention, especially given its impressive flip over Ethereum in the decentralized exchange industry.
In the span of 24 hours, Solana surpassed Ethereum in trading volume on decentralized exchanges, with many of its meme tokens experiencing a significant increase.
As reported by DeFi Llama, Solana’s decentralized exchange networks processed approximately $845 million in transactions over the past 24 hours, contributing to a total weekly volume of around $5.17 billion.
During that timeframe, Ethereum (ETH) managed transactions valued at approximately $747 million. Over the course of a week, its transaction volume exceeded $6.4 billion. In comparison, other notable chains such as BNB Smart Chain and Arbitrum facilitated transactions worth around $3.86 billion and $2.32 billion respectively.
As a researcher delving into Solana’s decentralized exchange (DEX) landscape, I’ve noticed that Orca has emerged as the leading player over the past week, with Raydium and Phoenix trailing closely behind.
Solana summer
It appears that March stood out for Solana, as it managed transactions involving approximately $60 billion worth of cryptocurrencies during that period.
In July, it managed transactions valued at approximately $56 billion for coins, while Ethereum took care of transactions worth around $52 billion for its own coins.
Due to a robust recovery of certain meme tokens within the past few days, Solana’s trading volume has experienced an increase. Notably, the Popcat (POPCAT) token has surged by more than 25% in the last week, making it the leading top ten meme coin in terms of performance over this timeframe.
In the recent timeframe, the value of Dog-with-Hat (WIF) has increased more than 9.4%, which elevates its market capitalization above $1.72 billion. Meanwhile, Cat In A Dog’s World (MEW) experienced a rise of 16.2%, and Book of Meme climbed by approximately 8.5%. Typically, the trading volume for cryptocurrencies tends to grow when tokens are on an upward trend.
Another significant development on Solana was a robust resurgence within the non-fungible token sector. According to Cryptoslam, the volume of Solana-based NFTs surged by more than 35% over the past week, reaching approximately $16.7 million.
Over the course of time, the total count of buyers soared an impressive 153%, reaching approximately 220,000. Among the top favorite NFT collections that garnered the most attention, we have Sorare, DeGods, and Solana Monkey Business.
In recent news, Solana is gaining attention as well. Coinbase has incorporated support for ckBTC (Solana’s wrapped Bitcoin), and the developers have unveiled PlaySolana, a compact gaming console designed to be held in your hands.
The trading volume for Solana’s Decentralized Exchange (DEX) and Non-Fungible Tokens (NFT) increased significantly, mirroring a rebound in the SOL token. This spike has been consistent over the last six days, marking its highest increase since August 27th.
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2024-09-21 18:32