Solana blockchain registered a sharp rise in trading worth a great figure, also breaking all the previous records. The revelation in March that total trades reached $60.34 billion gave a clear picture of the explosive increase in trading activities. Against all odds, the Solana cryptocurrency has continued its stellar track record, registering an all-time high of about $28.14 billion in December 2023.
Meme coins spark trading Frenzy and Investor rush on Solana
The massive volume has recently validated blockchain as a leading candidate and placed its total network stake next to Ethereum’s, which stood at a monthly volume of $77.55 billion – the only project in the DEX space that exceeded it.
This indicates that many investors are already heading towards DeFi platforms (Specifically on Solana), indicating a dynamic and fast-growing DeFi ecosystem.
While reviewing the spectacular amount of traffic through the helix of the meme coins on the Solana blockchain, the interest in the meme coin fuels the trading volume growth. Tokens like Dogwoman or Animal (WIF) and Bonk (BONK), as well as meme books (BOME) and Slerf(SLERF), caught the market with their attention.
Moreover, political figures like Trump have used popular characters in these memes to their advantage. Additionally, political meme coins have seen significant growth, manifesting the boundless resources driving the sudden increase in trading volumes.
With their wild and best meme crypto typically high volatility, the meme coins are still in vogue. In contrast, Bonk’s price has grown 43.9% and 1.3%, respectively, compared to Dogwifhat’s. This pandemic reflects the stock market’s calmness, and its chances shift from speculative dynamics in the realm of meme coin.
Solana DEXs surge amidst Meme Coin Mania, despite SOL’s dip
Becoming the dominating options among SOL-based DEXs, Orca, Raydium, and Phoenix have demonstrated tremendous results – reaching a significant portion of the trading volume. It is worth noting that Solana-based decentralized cryptocurrency exchange Jupiter has done well while trading has been especially good. JUP, the platform’s native token, saw a 24.9% growth over the last seven days, which could be seen as a sign of more and more traders` inclination to use the platform due to increasing utility and popularity.
Aside from the fuss shining mostly on meme coins with the highest trade volume, Solana’s native token SOL announced a 4% decrease in value at the beginning of April. Nonetheless, the pace of this innovation does not seem to slow it down, but it does justify it.
However, in March, Solana’s market capitalization exceeded the previous record because of the highly dynamic activity and depth of engagement of those who enjoy memes and prefer decentralized finance space.
Tech and Meme coins fuel growth
The spur in exchange activity and market assessment makes Solana a notable key enterprise in the decentralized finance sphere. With Solana’s DEXs being especially popular among cryptocurrency holders and traders, having advanced technology at their disposal guarantees a promising future for the DEXes and the whole ecosystem.
The DEXs of Solana took a leading position in the field of trading volumes, thanks to the navigation by the furious speculation around the meme coins. The popularity of the blockchain in grabbing the interest of potential investors shows its future success and a thriving marketplace.
Source: https://www.cryptopolitan.com/solana-dexs-exceed-forecasts-trading-boom/