In the midst of the ongoing frenzy surrounding meme coins, decentralized exchanges (DEXs) operating on the Solana network have emerged as the primary hub for trading activities, surpassing even the renowned Ethereum-based platforms.
Recent data from CoinGecko reveals that Solana-based DEXs, including Raydium, Jupiter, and Orca, accounted for the lion’s share of trading volume over the past 24 hours. Leading the pack, Raydium alone boasted a staggering volume of $2.2 billion during this period, nearly doubling that of Uniswap V3 on Ethereum.
This surge in trading volume on Solana’s DEXs has been a consistent trend over the past several months, with weekly volumes on Solana steadily increasing relative to those on Ethereum. As of now, the weekly DEX volume on Solana stands at 29.4% of Ethereum’s, marking a substantial rise from just 10.7% recorded at the beginning of December 2023.
Moreover, the proliferation of new tokens on the Base and Solana networks has skyrocketed in recent months. Base, in particular, has emerged as a prominent platform for listing tokens, with over half of all listed tokens on DEXs originating from Base at the beginning of April. Meanwhile, Solana has seen a surge in the number of new tokens, with approximately 16,000 tokens added to its network.
Interest in both Base and Solana has been on the rise since December 2023, largely driven by the excitement surrounding the proliferation of meme coins. The Solana blockchain, with its low transaction fees, has become the preferred choice for launching these meme coins. Users typically utilize a Solana-enabled wallet and the SOL token for transactions.
The popularity of meme coins has had a significant impact on the price of SOL, Solana’s native token, which almost doubled in value at the beginning of the year, surpassing the $200 mark for the first time since the end of 2021.
With thousands of new tokens flooding the Solana network daily, driven by speculators seeking quick gains, Solana has cemented its position as the go-to blockchain for meme coin launches. As the meme coin craze continues to fuel trading activities on Solana’s DEXs, the network’s prominence in the crypto space is expected to further solidify in the coming months.
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