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Cryptocurrency News Articles
Solana Flips Ethereum in 24-Hour DEX Volume as Its Meme Coins Pop
Sep 21, 2024 at 11:29 pm
According to DeFi Llama, Solana (SOL) DEX networks handled over $845 million in the last 24 hours, bringing the weekly volume to $5.17 billion.
Solana (SOL) has flipped Ethereum (ETH) in terms of 24-hour volume in the decentralized exchange (DEX) industry as most of its meme coins experienced a surge.
Based on data from DeFi Llama, Solana DEX networks handled cryptocurrencies worth over $845 million in the last 24 hours, bringing the weekly volume to $5.17 billion.
Meanwhile, Ethereum DEX networks handled $747 million in the same period, with a weekly volume of over $6.4 billion. Among the other top chains, BNB Smart Chain processed tokens worth $3.86 billion and Arbitrum handled tokens valued at $2.32 billion.
Among Solana's DEX, Orca remained the largest in the past seven days, followed by Raydium and Phoenix.
Solana's best month in terms of volume was March, handling cryptocurrencies valued at $60 billion during the month.
This was followed by July, when it handled coins worth $56 billion as Ethereum processed coins valued at $52 billion.
Solana's volume surged due to the strong comeback of some of its meme coins in the past few days. The Popcat (POPCAT) token rose by over 25% in the last seven days, making it the best-performing top ten meme coin.
Dogwifhat (WIF) also rose by over 9.4% in this period, pushing its market cap to over $1.72 billion. Cat In A Dogs World (MEW) rose by 16.2% while Book of Meme jumped by 8.5%. In most cases, crypto volume tends to rise when tokens are in an uptrend.
Solana also saw a strong comeback in the non-fungible token (NFT) industry. Data by Cryptoslam shows that total Solana NFTs jumped by over 35% in the last seven days to $16.7 million.
The number of buyers rose by 153% to 220,000 while the most popular NFT collections were Sorare, DeGods, and Solana Monkey Business.
In other related news, Coinbase added Solana's ckBTC support while the developers launched PlaySolana, a handheld gaming console.
Solana's DEX and NFT volume increased as the SOL token bounced back. It spiked in the last six consecutive days, marking its highest swing since Aug. 27.
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