SOL, the native cryptocurrency of the Solana blockchain, is approaching a new all-time high as decentralized exchanges (DEXes) on the network set a record, surpassing $70 billion in monthly trading volume.
SOLANA’S DEX MONTHLY VOLUME HITS RECORD $70B, DRIVEN BY MEMECOIN FRENZY
– Solana’s decentralized exchanges (DEXes) are seeing record-breaking activity, with monthly trading volumes reaching a staggering $70.9 billion for the first time ever.
Here’s a Breakdown:
– Solana DEXes… https://t.co/NqV5PyH5WL pic.twitter.com/Xj407QDvmp
— BSCN (@BSCNews) November 18, 2024
Raydium Leads Solana DEXs
Between November 4 and November 10, these platforms facilitated $41 billion in trades, doubling the $18.1 billion recorded the previous week and driving the total monthly volume to a staggering $70.9 billion.
Raydium emerged as the dominant platform, driving 72% of Solana’s DEX trading activity and handling $27.89 billion in transactions. Orca also experienced notable growth, with its weekly trading volume increasing by 40% to $7.6 billion.
Additional contributors included Lfinity, which processed over $2.5 billion, and Phoenix, which surpassed $1.7 billion during the same period.
Memecoins Boost Trading Activity
The spike in trading activity has been linked to PumpFun, a meme coin launchpad on Solana that has gained considerable popularity.
Tokens like PNUT and GOAT were among the most traded assets, drawing significant attention from market participants. For example, blockchain data showed a trader invested around $17 (about 0.0983 SOL) to acquire 2.46 million PNUT, netting a profit of over 12,000x.
Solana’s DEX sector outperformed its Ethereum counterpart, with Ethereum DEXes recording $14.88 billion in trades during the same timeframe. Fee generation further highlighted this surge, as Raydium reported $11.79 million in fees within 24 hours, while PumpFun generated $1.65 million in daily fees.
New All-Time High?
The impressive performance reflects the growing adoption of the network and the increasing competitiveness of its DEX ecosystem. SOL has seen consistent growth over the past month, boosting optimism among investors anticipating further price increases.
SOL’s price has risen by 53.3% over the past month, trading at $245.11 at press time. The asset is inching closer to its all-time high of $259.96, recorded on November 6, 2021. Currently, SOL’s price is just 6.52% below that peak, fueling speculation that it may soon reach new highs.
The network reached a record number of active addresses last month, exceeding 120 million. CoinTab reported that over 123 million unique addresses signed transactions on Solana in October, marking a 42% increase compared to September.
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