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Cryptocurrency News Articles
Solana, Base, and Sui DEX Volume Surge as Crypto Markets See Resurgence
Sep 29, 2024 at 11:00 am
Crypto markets saw a resurgence in both centralized (CEX) and decentralized exchanges (DEX), driven by a rebound across several key assets.
Crypto markets saw a brief resurgence in the last week of September, both in centralized (CEX) and decentralized exchanges (DEX), largely driven by a rebound in several key assets. Among the top-performing networks, Solana, Base, and Sui saw a significant uptick in decentralized trading volume.
Solana, Base, and Sui DEX Volume Surge
According to data from DeFi Llama, DEX activity across Solana, Base, and Sui experienced a sharp recovery. Solana’s DEXes processed $7.13 billion in decentralized trades over the past seven days, a 40% increase compared to the previous week. Base also saw a 20% uptick, with DEX volume reaching $3.92 billion. Sui's DEXes recorded $597 million in trading volume, showing a 30% surge.
However, despite this short-term rally in DEX activity, overall DEX and CEX volumes for September hit their lowest point since February. In total, decentralized exchanges managed $114 billion in volume, a drop from the $172 billion recorded in August.
The highest DEX volumes were seen on Ethereum, Solana, and BNB Smart Chain. Meanwhile, CEX platforms processed $895 billion in trades during September, down from $1.2 trillion the previous month. Binance continued to lead the way in the centralized trading space, followed by Bybit, OKX, and Coinbase.
Market Rebound Driven by Macro Events
The recovery in crypto markets last week was largely driven by broader market events. Bitcoin briefly touched $66,000, while Ethereum rose to $2,700. This rally followed the U.S. Federal Reserve’s announcement to begin cutting interest rates and China’s introduction of new stimulus measures. Markets also reacted positively to news that Binance’s founder, Changpeng Zhao, had been released from prison.
Meme Coin Surge Boosts Solana Ecosystem
Solana's DEX volume spike was partly fueled by the recovery of meme coins in its ecosystem. One meme coin, Moo Deng (MOODENG), saw its price surge by 700% over the past week, pushing its market cap above $300 million. Another meme coin, Mother Iggy (MOTHER), which is linked to rapper Iggy Azalea, climbed 96%, bringing its valuation to over $112 million.
Together, the market cap of Pump.fun tokens increased to $1.06 billion, with associated fees rising to $148 million. This surge in meme coin activity and fees provided a boost to Solana's DEX ecosystem.
Leading Networks and Tokens
In other decentralized exchange highlights, Base's Aerodrome DEX was the most active with total value locked (TVL) surpassing $1 billion for the first time and volume reaching $2.66 billion. PancakeSwap and Clober followed closely in Base's network.
In the Sui ecosystem, key platforms like Cetus, DeepBook, Turbos, and Kriya led trading activity. Other top performers across the broader DEX landscape included BNB Chain, Arbitrum, Optimism, and Polygon.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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