Solana: MemeCoin Trading and Record Volumes, Over $100 Billion

8 months ago

ATH of DeFi Volumes, FoMo, and the MemeCoin Madness Propel Solana to New Records: $110 Billion in Volumes, +100% Compared to October

Solana, the Binance Smart Chain of 2024

With every market cycle, dynamics change, and so do the market leaders.

During the 2020/2021 cycle, dominated by the DeFi trend, the market was divided between the two main players of that period: Ethereum and Binance Smart Chain.

The trading volumes on major decentralized exchanges (DEXs) were almost evenly split. With Uniswap on Ethereum and PancakeSwap on Binance Smart Chain, trading activity was approximately 50/50. Even then, MemeCoin trends were already in full swing, with Binance Smart Chain widely used due to its low fees and fast execution speeds.

Today, in 2024, Solana has taken the lead, becoming the most used blockchain in terms of active users and trading volumes. In November, DEXs reached their all-time high (ATH) in terms of volumes. With over $300 billion traded, 30% of which occurred on Solana alone, DEXs collectively surpassed $110 billion—representing a 100% increase compared to October.

The MemeCoin Craze Strikes Again

While November’s spotlight was on Bitcoin, the most popular trend remains MemeCoins, with RECORD-breaking numbers and performance.

The sector, now boasting a market capitalization of nearly $130 billion, has been a major driving force for Solana’s blockchain and DeFi. Names like WIF, BONK, PNUT, and GOAT generated RECORD volumes, pushing Raydium, Solana's leading DEX, to handle over $77 billion in trades and over $180 million in fees paid by traders to liquidity providers.

In November, Solana’s trading volume doubled that of Ethereum. This is the second time such a flip has occurred in DeFi; the first was in June 2024 when Blast, Ethereum’s Layer 2 solution, outperformed Ethereum’s mainnet volumes by a factor of two.

Meanwhile, SOL is trading near its ATH levels, with a price of $245, poised to enter a new phase of price discovery.

By Gue22 🌐🚀

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8 months ago

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