Solana’s monthly DEX volume surpassed $100b for first time ever

Solana has surpassed the $100 billion threshold for monthly decentralized exchange trading volume for the first time in crypto history.

Throughout November 2024, Solana(SOL) DEX volume reached $109.73 billion, surpassing other major cryptocurrency chains like Base (BASE), Ethereum(ETH) and BSC(BNB). This is the first time Solana’s DEX volume has surpassed the $100 billion mark, according to Defi Llama.

The surge of Solana’s record-breaking monthly DEX volume comes alongside a herd of meme coin gains from Peanut the Squirrel(PNUT), Goatseus Maximus(GOAT), DOGEN, and BONK(BONK).

In comparison, Ethereum only recorded $55.4 billion in the same period, barely gaining more than half of Solana’s DEX volume that month. Meanwhile, the DEX volume for layer-2 networks like Arbitrum and Base combined with layer-1 blockchain Binance Smart Chain amounted to $91.99 billion, still below that of Solana.

Last month, Solana also stood in first place with $52.49 billion in monthly DEX volume. In the span of a month, Solana’s monthly DEX volume leapt more than 50%, the highest it has ever been in crypto history.

Solana’s high gains could be attributed to the meme coin frenzy sweeping the crypto sphere. In fact, crypto.news reported that large investors are turning away from well-known cryptocurrencies such as Cardano(ADA) and Ripple(XRP) in favor of emerging meme coins.

Analysts predict that the Solana-based meme coin DOGEN has potential to skyrocket 700% before pre-sales end. DOGEN’s massive growth is followed by two other dog-themed meme coins, BONK and Dogwifhat

Ever since the launch of pump.fun in January, Solana has become the go-to memecoin chain in DeFi. Only a month after pump.fun’s debut, there were more than 500,000 Solana-based memecoins on the platform.

According to data from Dune, pump.fun has contributed a total of $1.4 million Solana tokens in fees. Pump.fun’s own trading volume has reached nearly $4 billion in the last 14 days. At the time of writing, there have been a total of 3.8 million tokens launched on pump.fun.