Solana’s monthly DEX volume exceeds $100 billion for the first time ever

Solana has achieved a major milestone in the crypto space, surpassing $100 billion in monthly decentralized exchange (DEX) trading volume for the first time in history. In November 2024, Solana’s DEX volume reached an astounding $109.73 billion, marking a new record for the blockchain and placing it ahead of other major cryptocurrency chains like Ethereum (ETH), Binance Smart Chain (BSC), and Base (BASE). This is the first time Solana’s monthly DEX volume has crossed the $100 billion mark, according to data from Defi Llama.

The surge in Solana’s DEX volume is particularly notable, as it represents more than a 50% increase from the previous month. In October 2024, Solana recorded $52.49 billion in DEX volume, and in just a month, it more than doubled that figure. This rapid growth comes at a time when meme coins have gained significant popularity within the crypto market. The rise of meme coins like Peanut the Squirrel (PNUT), Goatseus Maximus (GOAT), DOGEN, and BONK (BONK) on Solana’s network has contributed to this record-breaking volume, as traders flock to these tokens, driving up overall activity on the blockchain.

In comparison, Ethereum recorded $55.4 billion in DEX volume during the same period, which is less than half of Solana’s total. Additionally, when considering the combined DEX volume of layer-2 networks like Arbitrum and Base, along with Binance Smart Chain, the total volume amounted to $91.99 billion, still falling short of Solana’s $109.73 billion.

The influx of meme coins on Solana has played a key role in the blockchain’s growth. Following the launch of pump.fun in January 2024, Solana quickly became a hub for meme coin trading. Within a month of pump.fun’s debut, more than 500,000 Solana-based meme coins were launched on the platform, further driving the demand for Solana-based assets. Recently, pump.fun alone has contributed $1.4 million in Solana tokens in transaction fees, and its trading volume has reached nearly $4 billion over the last two weeks. As of now, there have been a total of 3.8 million tokens launched on pump.fun, a clear indication of the booming meme coin market on Solana.

Solana’s ability to capture the meme coin frenzy, combined with its technical advancements and growing DeFi ecosystem, has solidified its position as one of the top blockchains in the crypto space. Analysts are optimistic about the continued rise of meme coins like DOGEN, which is expected to see massive growth, with some predicting a 700% price increase before its pre-sales conclude. The success of Solana-based meme coins, along with the blockchain’s overall growth in DEX activity, highlights its increasing importance in the decentralized finance (DeFi) space.

Solana’s record-breaking performance in November 2024 reflects a broader shift in the market, where emerging meme coins are drawing large investor interest, while traditional projects like Cardano (ADA) and Ripple (XRP) are seeing less enthusiasm. The combination of Solana’s technical capabilities and its status as the go-to platform for meme coins positions it as a dominant player in the ongoing evolution of decentralized finance.