0
0
Record Trading Volume on Solana DEXs
Decentralized exchanges on the Solana blockchain achieved a significant milestone in March, with trading volume surpassing $60.34 billion, according to data from DeFiLlama. This new record more than doubles the previous high of nearly $28.14 billion in December 2023, making it the second-highest volume across all blockchains. Ethereum’s trading volume of $77.55 billion during the month remains the only one higher than Solana’s impressive achievement.
Rankings of Other Blockchains
Following Solana, Binance Smart Chain (BSC) claimed the third-highest DEX trading volume at $47.81 billion, while Arbitrum secured the fourth spot with $27.74 billion. Noteworthy growth was also seen on BASE, with trading volume increasing almost sevenfold to $7.8 billion during the same period.
Memecoin Frenzy in the Solana Ecosystem
The surge in trading volume on Solana coincided with a remarkable interest in memecoins within the ecosystem. Memecoins like Dogwifhat (WIF), Bonk (BONK), Book of Meme (BOME), and Slerf (SLERF) gained significant traction. Memecoins associated with political figures such as Donald Trump and Joe Biden also experienced notable price surges in March.
Other memecoins on Solana, including Popcat (POPCAT), saw substantial increases, with a 45% rise in price to over $0.33. Despite the inherent volatility of memecoins, Dogwifhat closed March with a 43.9% gain, while Bonk ended the month up by 1.3%.
Leading DEXs on Solana
Among Solana DEXs, Orca emerged as the top performer, boasting a trading volume of $3.6 billion in the past week. Raydium and Phoenix followed closely, with volumes of $1.73 billion and $1.6 billion, respectively. This period of heightened trading activity also benefited Jupiter, a decentralized exchange aggregator on Solana, as its native token JUP recorded a 24.9% increase over the week.
Market Analysis and SOL Token Performance
As memecoins continue to fuel buying frenzies on the Solana network, the native SOL token experienced a 4% drop in value over the last 24 hours, currently priced just below $189. Despite this minor setback, Solana’s market capitalization soared to an all-time high of over $90 billion in March, underscoring the remarkable growth and engagement in the decentralized finance sector and the thriving memecoin market.
Image/Photo credit: source url
