Solana has overtaken Ethereum in a significant decentralized exchange (DEX) metric, driven by rising meme coin activity and surging non-fungible token (NFT) sales.
Solana overtakes Ethereum in key DEX metric, driven by meme coin activity and NFT sales
Solana’s decentralized exchange (DEX) platforms have processed a higher 24-hour trading volume than Ethereum’s DEXs, fueled by rising meme coin activity and surging non-fungible token (NFT) sales.
According to data from DeFi Llama on March 8, Solana’s DEX platforms handled over $845 million in 24-hour trading volume, while Ethereum’s DEXs processed around $747 million.
This brings Solana’s weekly volume to $5.17 billion, trailing behind Ethereum’s $6.4 billion. Other leading chains include Binance Smart Chain (BSC) with $3.86 billion and Arbitrum with $2.32 billion.
Solana’s DEX volume surges as meme coin activity recovers
Orca emerged as the largest DEX in Solana’s ecosystem over the past week, followed by Raydium and Phoenix. Notably, the surge in Solana’s DEX volume coincides with a sharp recovery in meme coin activity.
Popcat (POP) leads the top-performing meme coins, surging 25% in the past seven days. Dogwifhat (WIF) climbed 9.4%, pushing its market capitalization to $1.72 billion, and Cat In A Dogs World (MEW) rose 16.2%. Book of Meme also saw a significant increase of 8.5%.
Typically, cryptocurrency trading volume rises alongside positive price momentum in tokens, and these meme coins have been a key driver of crypto trading activity.
Solana’s NFT market rebounds with 35% rise in total sales
Further strengthening Solana’s performance, the platform’s NFT market has witnessed a robust rebound.
Data from Cryptoslam on March 8 reveals a 35% rise in total NFT sales, reaching $16.7 million over the past seven days. The number of unique buyers also increased by 153%, totaling 220,000.
Top collections include Sorare, DeGods, and Solana Monkey Business, leading the NFT sales chart.
Solana’s recent headlines also include Coinbase integrating support for Solana’s ckBTC, and the platform’s developers introducing PlaySolana, a handheld gaming console.
These developments have contributed to a resurgence in Solana’s native token (SOL), which has posted gains for six consecutive days, marking its strongest rally since late August.
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