The post Solana Sees DEX Trade Volume Exceed $100 Billion, Suggesting Continued Growth Amid Memecoin Trend appeared on BitcoinEthereumNews.com.

The Solana blockchain has achieved a remarkable milestone, surpassing $100 billion in monthly decentralized exchange trade volume for the first time. This impressive feat highlights Solana’s growing popularity and market presence, significantly outpacing Ethereum’s DEX volume, which stood at $55 billion. As noted by COINOTAG’s Research Director Eden Au, the surge in trading activity can be attributed to the ongoing memecoin frenzy and the network’s attractive low transaction fees. Solana’s DEX trade volume for November has reached $109.8 billion, nearly double that of Ethereum, amidst a growing memecoin trend. Solana’s Record-Breaking DEX Volume: An Analysis of Market Trends The Solana blockchain has recently achieved historic levels of activity on decentralized exchanges (DEX), with the total monthly trade volume exceeding $100 billion in November. According to data from DefiLlama, Solana recorded a remarkable $109.8 billion in DEX trade volume, nearly doubling the Ethereum mainnet volume which was reported at $55 billion. This surge can be linked to a multitude of factors, including an escalating interest in memecoins, which have captivated many retail investors, driven by a growing trend towards more accessible and affordable alternatives in the crypto space. Furthermore, Solana’s inherent advantages, such as low transaction fees and a user-friendly interface, have made it particularly attractive to traders. Impact of Memecoins and Low Fees on Solana’s Growth The current trend in memecoins has correlatively fueled the activity on Solana’s network. Eden Au states that the ongoing memecoin frenzy, combined with decreased transaction costs, creates an environment ripe for increased trading volume. Platforms like pump.fun and Raydium have both seen substantial increases in revenue, generating $71.5 million and $182 million respectively this November, according to DefiLlama data. Moreover, with the increasing engagement from retail traders, Solana is on track to possibly attract even more users as cryptocurrency market dynamics evolve heading into…

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Filed under: News - @ November 25, 2024 11:20 am