Solana Surpasses Ethereum in Daily DEX Volume Amidst Meme Coin Surge

In a surprising turn of events, Solana has surpassed Ethereum in its 24-hour trading volume within the decentralized exchange (DEX) sector, driven significantly by a surge in its meme coin market.

Volume Comparisons Between Solana and Ethereum

As reported by DeFi Llama, Solana (SOL) DEX networks recorded an impressive trading volume of more than $845 million in just 24 hours. This notable performance has resulted in a cumulative weekly trading volume of around $5.17 billion. In comparison, Ethereum (ETH) managed to secure $747 million in trading volume during the same timeframe, contributing to its own weekly volume which exceeded $6.4 billion. Other significant players in the DEX market included BNB Smart Chain and Arbitrum, which respectively processed volumes of $3.86 billion and $2.32 billion.

Among the various decentralized exchanges operating within Solana’s ecosystem, Orca has emerged as the leader over the past week, followed closely by competitors Raydium and Phoenix.

Rise of Solana During the “Solana Summer”

Recent data indicates that March was an exceptional month for Solana, as it processed cryptocurrencies valued at an astonishing $60 billion throughout that period. Following this, July also proved to be beneficial for Solana, with a trading volume of $56 billion, compared to Ethereum’s $52 billion during the same period.

The upward trend in Solana’s trading volume can largely be attributed to a remarkable resurgence of certain meme coins in recent days. Notably, the Popcat (POPCAT) token has experienced an impressive price increase of over 25% in the past week, solidifying its position as the best-performing meme coin among the top ten contenders. Other notable meme coins include Dogwifhat (WIF), which climbed over 9.4%, thereby elevating its market cap to a substantial $1.72 billion. Additionally, the token Cat In A Dogs World (MEW) saw an uptick of 16.2%, while Book of Meme enjoyed a growth of 8.5%. Generally, these instances of increased trading volume coincide with bullish trends as cryptocurrency prices rise.

Boost in NFT Market and General Solana News

In addition to its strong performance in DEX volume, Solana is also witnessing a renaissance in the non-fungible token (NFT) market. Recent data from Cryptoslam reveals that total NFT sales on the Solana blockchain surged by over 35% in the past week, amounting to $16.7 million.

The number of buyers engaging with Solana NFTs has seen a striking increase of 153%, reaching a total of 220,000. Some of the most popular NFT collections driving this momentum include Sorare, DeGods, and Solana Monkey Business.

Furthermore, Solana has been generating further buzz with recent developments. Notably, Coinbase has introduced support for Solana’s ckBTC, opening up new avenues for interaction within the ecosystem. Additionally, developers have announced the launch of PlaySolana, an innovative handheld gaming console that reflects the growing versatility of the Solana platform.

As Solana’s DEX and NFT trading volumes thrive parallelly with the revival of the SOL token — which has experienced six consecutive days of growth, marking its most significant upward movement since August 27 — the overall outlook for Solana remains optimistic.

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