Solana Surpasses Ethereum in DEX Trading Volume Amid Meme Coin Craze

crypto, icons, cryptocurrencies

Editorial Board20/03/2024

Solana has overtaken Ethereum as the leading smart-contract blockchain by trading volume, with Solana-based DEXes witnessing a notable 67% surge in trading volume to $21.3 billion over seven days. Meanwhile, Ethereum-based DEXes saw a more modest 3% increase to $19.4 billion during the same period.

The surge in Solana’s trading volume can be attributed to the speculative trading of meme coins like dogwifwhat, bonk, book of meme, and slerf. This trend has led to a flurry of new meme coin creations and a surge in stablecoin supply on the Solana network, reaching a multiyear high of $2.80 billion.

Reflexivity Research highlights that Solana’s volume surge began in the fourth quarter of 2023, driven by various points programs and airdrops such as the Solana DEX Jupiter. Moreover, Solana’s superior capital efficiency compared to Ethereum is evident in its higher trading volumes relative to the total value locked (TVL) in its DeFi ecosystem.

Despite Solana’s impressive performance, Ethereum still maintains its position as the largest smart-contract blockchain in terms of TVL, boasting $46.44 billion compared to Solana’s $3.6 billion. However, Solana’s SOL token has seen significant growth, surging 68% this year to $170, outpacing Ethereum’s ether, which rallied 40% to $3,214.

Comments (0)

Loading...

Top Exchanges


  • 1
    Crypto Com LogoStart Trading

    Trading cryptocurrencies involves significant risk and users should carefully consider their investment objectives and risk tolerance.

  • 2
    Binance Logo 3Start Trading

    Cryptocurrency trading carries a high level of risk and users should carefully evaluate their financial situation and risk tolerance before participating.

  • 3
    Coinbase LoigoStart Trading

    Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

  • 4
    Kraken LogoStart Trading

    Trading cryptocurrencies involves high risk and users should thoroughly evaluate their financial circumstances and risk tolerance.

  • 5
    Gemini LogoStart Trading

    Cryptocurrency trading involves substantial risk and users should carefully assess their investment goals and risk tolerance before participating.

  • 6
    Bitstamp LogoStart Trading

    Trading cryptocurrencies carries inherent risks and users should carefully consider their investment objectives and risk tolerance.

  • 7
    KuCoin LogoStart Trading

    Cryptocurrency trading involves significant risk and users should evaluate their financial situation and risk tolerance before participating.

  • 8
    Uphold LogoStart Trading

    Trading cryptocurrencies carries inherent risks and users should carefully assess their investment objectives and risk tolerance before engaging.