In November, Solana reached a historic milestone on decentralized exchanges, surpassing $70.9 billion in monthly trading volume. This surge in activity follows a wave of memecoin popularity in the crypto industry.
A Surge in Trading Activity
Solana's decentralized finance (DeFi) sector is experiencing explosive growth, with weekly trading volumes of $41.39 billion, up significantly from $18.1 billion from October 29 to November 3. Trading activity peaked on November 12, with daily volumes reaching $6.88 billion. During this period, Solana's DEX volumes outpaced Ethereum's and other networks by a wide margin.
Raydium Leads the Charge
At the heart of this surge is Raydium, Solana's leading decentralized exchange, responsible for 69% of Solana's total DEX trading volume, contributing $27 billion in weekly trades—an increase of 127% from the previous period. This success is linked to PumpFun, a memecoin launchpad that boosted tokens like PNUT and GOAT. Orca, another Solana-based DEX, saw a 169% increase, reaching $7.5 billion.
Memecoin Mania Fuels Growth
PumpFun ranks among the top 10 web3 protocols by fee revenue, earning $1.65 million daily. Increased memecoin speculation has boosted Raydium's transaction fee revenue. Tokens like PNUT and GOAT hold top trading positions on Raydium, showing the growing appetite for memecoins.
The boom in Solana's DEX activity is accompanied by a rise in the SOL token's price, nearing its all-time high of $259. The increase in SOL's price and DEX activity has propelled Solana's market capitalization to $115 billion, positioning Solana as a DeFi hotspot.
