Solana DEX volumes reach record levels amid meme coins surge

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Meme cash on the Solana blockchain introduced the volumes of ecosystem decentralized exchanges to file ranges.

Buying and selling volumes on the Solana community jumped 117% over the previous week, reaching $15.82 billion for the week, based on DefiLlama. In the meantime, over the previous 24 hours, the overall decentralized change (DEX) volumes on Solana amounted to $2.57 billion, exceeding the efficiency of platforms on Ethereum with $2.31 billion in 24 hours. Solana now accounts for nearly 29% of the overall quantity on the DEX.

Solana DEX volumes reach record levels amid meme coins surge - 1
Supply: DefiLlama

Over the previous 24 hours, 4 meme cash have change into high gainers – Floki (FLOKI), THORChain (RUNE), Pepe (PEPE), and dogwifhat (WIF). FLOKI was the day’s chief, rising 58%, based on CoinMarketCap. The remainder of the cash rose within the vary from 13% to 16%.

Solana DEX volumes reach record levels amid meme coins surge - 2
Supply: CoinMarketCap

The joy within the Solana community additionally led to a rise within the price of the native token of the SOL blockchain. The coin price exceeded $150 for the primary time since January 2022.

The set off for the beginning of a rise within the worth of meme cryptocurrencies might be the rise in quotes of the PEPE token after Binance, the main cryptocurrency change, launched a promotion with the chance to obtain PEPE tokens as a reward on the finish of February.

The expansion of meme cash additionally coincided with one other wave of Dogecoin’s (DOGE) reputation, which just about doubled in worth in a single week. Dogecoin‘s asset capitalization has reached $24 billion, making it among the many high ten leaders when it comes to market capitalization.

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