Solana Briefly Overtakes Ethereum in DEX Volume Fueled by Meme Coin Rally

Solana has made headlines by temporarily Ethereum in 24-hour decentralized exchange (DEX) volume, reaching a staggering $1.98 billion on Monday. This surge is attributed to a meme coin madness taking place on the Solana blockchain.

$WIF, a standout performer, has experienced a remarkable 300% increase in price over the past week. Notably, decentralized exchanges are handling a significant portion of its trading volume. In the past 24 hours alone, $WIF generated $361 million in volume, with an impressive $184 million originating from DEXes.

Solana's leading meme coin, $BONK, has also seen a dramatic rise, up 215% in the last seven days. Within the past 24 hours, $BONK achieved a trading volume of $1.2 billion, with $82 million traded on DEXes. Other meme coins, such as $WEN, $SAMO, and $POPCAT, are also contributing substantial volume to DEX platforms. This year has witnessed Solana flipping Ethereum in 24-hour DEX volume on multiple occasions, establishing itself as a major contender.

Market observers will be keenly watching in the coming months to see if Solana can maintain this dominance over Ethereum. The current bull market, coupled with the growing popularity of meme coins, low barrier to entry with fast speed, and low transaction cost, creates a compelling case for Solana to be the leading chain for DEX trading.