Solana, Base, Sui DEX volume lead as meme coins rebound

Crypto trading volume saw a significant rebound across both centralized (CEX) and decentralized exchanges (DEX) as many coins began to recover.

Solana, Base, and Sui Lead the Charge

According to data from DeFi Llama, DEX networks on Solana, Base, and Sui were at the forefront of this recovery, with trading volumes increasing by 40%, 20%, and 30%, respectively. Over the past week, Solana DEXes processed $7.13 billion, while Base and Sui handled $3.92 billion and $597 million, respectively.

Despite this recent surge, the total trading volume for September remained the lowest since February. DEX networks recorded over $114 billion in volume, down from $172 billion the previous month. Ethereum, Solana, and BNB Smart Chain topped the charts for monthly volume.

In contrast, CEX trading volume reached $895 billion in September, a decline from $1.2 trillion in August. Binance led the CEX rankings, followed by Bybit, OKX, and Coinbase.

Factors Driving the Recovery

The recent rebound in crypto markets was primarily driven by broader bullish sentiment, with Bitcoin climbing to $66,000 and Ethereum surging to $2,700. This optimism was spurred by the Federal Reserve’s decision to cut interest rates and the Chinese government’s stimulus measures. Additionally, the release of Binance founder Changpeng Zhao from prison contributed to the positive market sentiment.

Solana’s meme coins pumped

Solana experienced a notable boost as many meme coins within its ecosystem began to recover.

Data from CoinGecko indicates that Moo Deng (MOODENG) skyrocketed by nearly 700% over the past week, elevating its market cap to over $300 million. Meanwhile, Mother Iggy (MOTHER), linked to rapper Iggy Azalea, saw a 96% increase, pushing its valuation beyond $112 million. Collectively, the market capitalization of all Pump.fun tokens surpassed $1.06 billion, with fees collected rising to over $148 million.

In terms of decentralized exchanges (DEX), Aerodrome emerged as the most active network on Base, reaching a total value locked (TVL) of over $1 billion for the first time and handling more than $2.66 billion in volume in the past week. It was followed by PancakeSwap and Clober.

On the Sui network, leading DEX platforms included Cetus, DeepBook, Turbos, and Kriya. Other top-performing networks were BNB Chain, Arbitrum, Optimism, and Polygon.