Memecoin: trading volumes on Solana and Ethereum DEXs hit all-time highs.

Memecoins: The euphoria drives Solana and Ethereum DEX volumes to historic monthly highs

The FOMO surrounding memecoins continues unabated.
In November, there was an astonishing surge in trading volumes on DEXs within the Solana and Ethereum ecosystems. Solana led with 35.4% of total volumes, reaching $125.5 billion, followed by Ethereum ($66.7 billion), Base ($41.8 billion), BNB Chain ($33.6 billion), and Arbitrum ($32.1 billion).

These figures represent unprecedented levels, with monthly volumes surpassing the previous record set in November 2021, when $291.7 billion were traded (at that time, BNB Chain held the top spot).

DEXs also hit weekly records, with the week starting on November 10 reaching $102.7 billion in total volume.

While Solana leads on an individual level, the broader Ethereum ecosystem, including its Layer 2 solutions, accounts for the largest share. Ethereum, Base, and Arbitrum together represent 39.7% of the market, with Polygon and Optimism pushing the total to nearly 43.5%.

Unprecedented numbers for DEXs
As highlighted on several occasions, platforms like PumpFun are driving this volume growth. These token launchpads automatically list various memecoins on DEXs. On Solana, this trend primarily involves Raydium, currently the most significant DEX in the crypto world in terms of trading volumes.

Raydium alone has facilitated $78.5 billion in trading since the start of November, marking a 158% increase from its previous record in October.

For Ethereum, Uniswap recorded $48.6 billion in volume, followed by PancakeSwap ($28.6 billion), Aerodrome ($21.6 billion), and Orca ($21.2 billion).

By Gue22 🌐 🚀 What are your thoughts?