In December, Solana continues to gain market share with the help of meme coins, outpacing Ethereum and other blockchains.
Solana's Successes in December
According to DeFi Llama, Solana's protocols in the decentralized exchange industry were the most active in December. Solana's trading volume rose to over $97 billion, much higher than the $22.6 billion it handled during the same period last year. It was the third consecutive month that Solana outperformed Ethereum, which had a volume of over $74 billion.
Role of Meme Coins and DEX in Solana's Growth
Most of Solana’s DEX volume was due to meme coins like Raydium, which handled coins worth $65 billion in the last 30 days. The meme coin industry continues to thrive, and Solana attracted thousands of these tokens, helped by the launch of Pump, the biggest token generator. All Solana meme coins have a market cap of over $14.1 billion, led by Bonk, Dogwifhat, Popcat, and Peanut the Squirrel.
Advantages and Achievements of Solana in 2024
Developers and users prefer Solana for its substantially lower fees and higher throughput. While Solana’s native dApps generated a record $365 million in revenue in November, the blockchain generated a record $725 million in fees in 2024, making it the third-most profitable chain after Ethereum and Tron.
Solana's growth through high meme coin and DEX activity contributes to increasing its market share, affirming its competitiveness and attractiveness to users.
