Solana DEX Volume Hits $70 Billion Amid Memecoin Mania
Solana’s DEXes hit a record $70.9 billion monthly volume, fueled by memecoin frenzy, marking a milestone in DeFi innovation and solidifying its dominance in the crypto space.
Solana decentralized exchanges (DEXes) have shattered previous records, achieving an unprecedented $70.9 billion in monthly trading volume.
This surge is a testament to the booming activity on the network, driven by the rising popularity of memecoins like PNUT and GOAT, facilitated through Solana’s PumpFun launchpad.
Memecoins Propel Solana to New Heights
Between November 4 and November 10, Solana’s DEXes processed $41 billion in trades, more than doubling the $18.1 billion recorded the previous week. Raydium emerged as the key player, contributing 72% of this activity with $27.89 billion in trades. Orca, Lfinity, and Phoenix also recorded significant volumes, with Orca alone achieving a 40% weekly increase to $7.6 billion.
These numbers showcase its dominance in the DeFi space, surpassing Ethereum’s $14.88 billion trading volume during the same period. The memecoin frenzy has driven user engagement and fee generation, with Raydium earning $11.79 million in daily fees and PumpFun generating $1.65 million.
Broader Market Records
This isn’t the only record-breaking event in the crypto space recently. Bitcoin set a 24-hour trading volume record of $145 billion on November 13, marking a five-year high in search interest and institutional inflows.
Binance also achieved a remarkable feat earlier this year, processing over $34 trillion in annual trading volume by October 2024, further establishing its dominance as the world’s largest cryptocurrency exchange. Bybit, meanwhile, achieved a milestone $100 billion daily trading volume in August, bolstered by its enhanced trading capacity of 800,000 TPS.
These developments underline the crypto market’s explosive growth, with both new and established players driving innovation and adoption. Solana’s latest achievements highlight its role as a trailblazer in this rapidly evolving landscape, solidifying its position as a top contender in decentralised finance.
The $70 billion trading volume milestone signals a new era for Solana and its DEX ecosystem. As memecoins continue to attract attention, the network’s scalability and user-friendly platforms are poised to sustain this momentum. Combined with the broader industry’s record-breaking trends, Solana’s success underscores the transformative power of decentralised technologies in reshaping financial markets.
