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Solana ($SOL) has seen a massive spike in on-chain trading activity this week, with volumes jumping 50% to reach an impressive $51 billion.
Solana ($SOL) Surges Past Ethereum ($ETH) in On-Chain Trading Volume, Driven by Memecoins
Solana has seen a massive surge in on-chain trading activity this week, with volumes jumping 50% to reach an impressive $51 billion.
This puts Solana ahead of Ethereum, which recorded $46 billion in trading volume during the same period.
A major driving force behind Solana’s growth is the rising popularity of memecoins. These speculative assets now account for 40% of all trading on Solana, with one memecoin in particular, pumpdotfun, dominating 35% of decentralized exchange (DEX) activity on the network.
Solana is also leading the charge in token generation, capturing 86% of the market share in this domain.
The platform has seen a steep rise in weekly token production, which now stands at 110,000 tokens generated on Solana.
As the memecoin trend continues to unfold and propel Solana’s ecosystem, many are speculating on its potential to spark an even bigger bull run on the network in 2024.
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