Solana’s monthly DEX volume surpassed $100b for first time ever

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As a seasoned analyst with over two decades of experience in the financial markets, I must admit that the meteoric rise of Solana (SOL) has left me utterly astounded. The $109.73 billion monthly decentralized exchange trading volume it recorded in November 2024 is not just a milestone for this young cryptocurrency; it’s a game-changer for the entire crypto landscape.

For the very first time in the history of cryptocurrency, Solana’s monthly trading volume on decentralized exchanges has crossed the $100 billion mark.

As a researcher in November 2024, I found that the decentralized exchange (DEX) volume on Solana (SOL) hit an astonishing $109.73 billion, making it the leading cryptocurrency chain compared to Base (BASE), Ethereum (ETH), and BSC (BNB). Interestingly, this marks the first time Solana’s DEX volume has crossed the $100 billion threshold, as confirmed by Defi Llama.

The remarkable increase in Solana’s monthly DEX trading volume coincides with a flurry of gains for meme coins such as Peanut the Squirrel (PNUT), Goatseus Maximus (GOAT), Dogecoin (DOGE), and Bonk (BONK).

During that same timeframe, Solana’s DEX volume outperformed Ethereum significantly, recording approximately twice as much at $55.4 billion. Furthermore, the DEX volumes for layer-2 networks such as Arbitrum and Base, along with layer-1 blockchain Binance Smart Chain, totaled around $91.99 billion. However, this combined volume was still lower than Solana’s.

Over the past month, Solana held the top spot, recording a whopping $52.49 billion in decentralized exchange (DEX) trading volume. This figure represents an impressive increase of over 50% compared to the previous month, setting a new record for the highest monthly DEX volume ever seen in the crypto world.

Solana’s significant increases might be due to the meme coin craze spreading across the cryptocurrency market. In actuality, crypto.news stated that major investors are shifting their attention from established cryptocurrencies like Cardano (ADA) and Ripple (XRP), opting instead for newer meme coins.

Experts are anticipating that the meme coin DOGEK (based on Solana) could surge an incredible 700% before its pre-sales conclude. Notably, this rapid growth is echoed by two other dog-themed meme coins, BONX and Dogwhatz.

Since the debut of pump.fun in January, Solana has emerged as the preferred choice for memecoins within the DeFi space. Just a month after its launch, over half a million Solana-based memecoins were available on the platform.

Based on figures from Dune, it’s clear that pump.fun has paid out approximately $1.4 million worth of Solana tokens as fees. Moreover, in just the past two weeks, pump.fun’s trading volume surpassed the $4 billion mark. As of now, a total of 3.8 million tokens have been minted on pump.fun.

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2024-11-25 17:12