bitcoin
bitcoin

$76106.45 USD 

1.28%

ethereum
ethereum

$2917.31 USD 

3.15%

tether
tether

$1.00 USD 

0.05%

solana
solana

$201.71 USD 

7.24%

bnb
bnb

$596.82 USD 

0.35%

usd-coin
usd-coin

$0.999937 USD 

-0.01%

xrp
xrp

$0.549770 USD 

-0.83%

dogecoin
dogecoin

$0.198495 USD 

3.66%

cardano
cardano

$0.427377 USD 

15.29%

tron
tron

$0.161211 USD 

0.15%

toncoin
toncoin

$4.87 USD 

0.34%

avalanche
avalanche

$27.79 USD 

3.28%

shiba-inu
shiba-inu

$0.000019 USD 

1.89%

chainlink
chainlink

$12.93 USD 

5.00%

bitcoin-cash
bitcoin-cash

$373.52 USD 

-0.76%

Cryptocurrency News Articles

Solana DEX Market Shatters Records, Soaring Past $60 Billion Milestone

Apr 02, 2024 at 01:48 am

Solana's DEX market has surpassed $60 billion in monthly trading volume, reaching a new peak. The surge in volume is attributed to increased engagement with decentralized exchanges like Orca and Raydium. This growth has coincided with a bull run for SOL, which neared its all-time high.

Solana DEX Market Shatters Records, Soaring Past $60 Billion Milestone

Solana's Decentralized Exchange Market Surges to New Heights, Breaking $60 Billion Threshold

In a remarkable surge of activity, Solana's decentralized exchange (DEX) market has reached unprecedented levels, surpassing a whopping $60.3 billion in monthly trading volume, according to data from blockchain analytics platform DeFiLlama.

This represents a significant milestone for Solana, marking the first time its DEX market has surpassed the $60 billion mark. The previous high was $50 billion, recorded just before the end of March 2024.

The Solana DEX market consists of a vibrant ecosystem of exchanges, including Orca, Phoenix, Raydium, and Lifinity. Increased engagement with these platforms has driven the explosive growth in the ecosystem, contributing to the overall health and success of the layer-1 blockchain.

The chart provided by DeFiLlama reveals the steady ascent of Solana's DEX market, reaching a peak in December 2023 with over $28 billion in trading volume. Subsequently, the market maintained a steady flow of activity, with monthly volumes of $22.65 billion and $22.58 million in January and February 2024, respectively.

Currently, the DEX market boasts a daily trading volume of $917.2 million, reflecting a 40% decrease within the past week. However, this temporary fluctuation does not diminish the overall growth trend that has been observed.

The surging DEX market has had a positive ripple effect on the price of SOL, Solana's native cryptocurrency. During the rally last month, SOL soared to $202, approaching its all-time high of $259.96. Investors anticipated further gains, with $220 being eyed as the next resistance level.

Beyond the DEX market, Solana's recent success can be attributed to other factors, including the memecoin boom. Notably, Dogwifhat (WIF) and Bonk (BONK) have emerged as leading Solana-based memecoins, attracting significant investor interest. Dogwifhat, in particular, has experienced exponential growth, soaring from a low-value memecoin to the third-largest in terms of market capitalization. At the time of writing, WIF's market cap stands at over $4.1 billion.

Despite a recent dip in price, SOL remains a promising investment, currently trading at $189, representing a 3.89% decline over the past 24 hours. The blockchain's robust infrastructure, growing ecosystem, and dedicated community continue to drive its upward trajectory.

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!

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Other articles published on Nov 08, 2024