Trading volume on Solana decentralized exchanges has reached record highs following the recent launch of the new TRUMP token.
Record Trading Volume on Solana DEX
On January 19, Solana's decentralized protocols handled a volume of $19.47 billion, surpassing the previous record of $7.5 billion set in November of last year. This increase was attributed to the launch of the new TRUMP meme coin and activity on platforms like Meteora, Raydium, Orca, and Lifinity.
Impact of New Tokens
The launch of the TRUMP meme coin with a market capitalization of over $7.5 billion drove trading activity on Solana. Other meme coins such as Bonk and Fartcoin also contributed to the volume increase. TRUMP token trading is further expanding on centralized exchanges like OKX, Binance, Bitget, and MEXC.
Solana Price Growth
Favorable fundamentals and rising hopes for SOL ETF approval pushed Solana's price up to $275 on January 19, surpassing last year's high of $265. Solana has broken through many technical resistances and is expected to possibly reach the $281 level.
Solana’s trading volumes continue to increase due to new meme coins and favorable market expectations, driving activity on decentralized exchanges.
