Amidst the ongoing surge in meme coin activity, decentralized exchanges (DEXs) operating on the Solana network have dominated trading volumes in the past 24 hours.
As reported by CoinGecko, Solana-based DEXs have accounted for the majority of trading activity over the last day, with Raydium, Jupiter, and Orca emerging as the top performers. Notably, Raydium alone saw trading volumes of $2.2 billion, nearly twice that of Uniswap V3 on the Ethereum network.
The weekly trading volume on Solana’s DEXs has been steadily rising compared to Ethereum for almost four months, with Solana’s share of weekly DEX trading now standing at 29.4%, a significant increase from 10.7% in early December 2023.
Moreover, there has been a notable surge in the number of new tokens listed on both the Base and Solana networks in recent months. Base, in particular, has become a prominent platform for listing tokens, accounting for over half of all tokens listed on DEXs at the beginning of April. Meanwhile, Solana has seen an influx of approximately 16,000 new tokens. Notably, on April 8th alone, Base listed around 1,010 new DEX tokens, contributing significantly to its overall share.
The increasing interest in Base and Solana can be attributed to the rise of meme coins since December 2023. With thousands of new tokens being introduced on Solana daily, some experiencing significant price spikes driven by speculative trading.
Solana’s appeal as a blockchain for launching meme coins lies in its low transaction fees, making it an attractive option for users. Typically, users are required to utilize Solana-enabled wallets and the SOL token for transactions. This popularity has been reflected in SOL’s price, which nearly doubled at the beginning of the year, surpassing the $200 mark for the first time since late 2021.