Solana has surpassed the $100 billion threshold for month-to-month decentralized alternate buying and selling quantity for the primary time in crypto historical past.
All through November 2024, Solana(SOL) DEX quantity reached $109.73 billion, surpassing different main cryptocurrency chains like Base (BASE), Ethereum(ETH) and BSC(BNB). That is the primary time Solana’s DEX quantity has surpassed the $100 billion mark, in line with Defi Llama.
The surge of Solana’s record-breaking month-to-month DEX quantity comes alongside a herd of meme coin positive aspects from Peanut the Squirrel(PNUT), Goatseus Maximus(GOAT), DOGEN, and BONK(BONK).
As compared, Ethereum solely recorded $55.4 billion in the identical interval, barely gaining greater than half of Solana’s DEX quantity that month. In the meantime, the DEX quantity for layer-2 networks like Arbitrum and Base mixed with layer-1 blockchain Binance Good Chain amounted to $91.99 billion, nonetheless under that of Solana.
Final month, Solana additionally stood in first place with $52.49 billion in month-to-month DEX quantity. Within the span of a month, Solana’s month-to-month DEX quantity leapt greater than 50%, the best it has ever been in crypto historical past.
Solana’s excessive positive aspects could possibly be attributed to the meme coin frenzy sweeping the crypto sphere. In reality, crypto.information reported that enormous traders are turning away from well-known cryptocurrencies similar to Cardano(ADA) and Ripple(XRP) in favor of rising meme cash.
Analysts predict that the Solana-based meme coin DOGEN has potential to skyrocket 700% earlier than pre-sales finish. DOGEN’s huge progress is adopted by two different dog-themed meme cash, BONK and Dogwifhat
Ever for the reason that launch of pump.fun in January, Solana has turn out to be the go-to memecoin chain in DeFi. Solely a month after pump.enjoyable’s debut, there have been greater than 500,000 Solana-based memecoins on the platform.
In keeping with information from Dune, pump.enjoyable has contributed a complete of $1.4 million Solana tokens in charges. Pump.enjoyable’s personal buying and selling quantity has reached practically $4 billion within the final 14 days. On the time of writing, there have been a complete of three.8 million tokens launched on pump.enjoyable.
