Because of the ongoing meme coin frenzy, DEXs on the Solana community have taken up nearly all of buying and selling quantity over the previous 24 hours.
In response to CoinGecko, Solana-based decentralized exchanges (DEXs) accounted for many buying and selling quantity over the previous 24 hours. The highest three had been Raydium, Jupiter, and Orca. Raydium’s quantity within the final 24 hours was $2.2 billion, virtually double that of Uniswap V3 on Ethereum.
Weekly DEX quantity on Solana has been growing relative to Ethereum for practically 4 months. At present, the weekly DEX quantity on Solana divided by the weekly DEX quantity on Ethereum is 29.4%, down from 10.7% at first of December 2023.
As well as, the variety of new tokens on the Base and Solana networks has elevated sharply in current months. In response to The Block, Base accounted for over half of all listed tokens on DEXs at first of April. On the identical time, Solana accounted for about 16,000 new tokens. On April 8, the variety of new DEX tokens on Base was round 1,010 in opposition to a complete of 1,650, one of the crucial vital shares.
Curiosity in Base and Solana has been rising since December 2023, primarily because of the pleasure surrounding the emergence of many meme cash. Hundreds of latest tokens seem on Solana on daily basis, the worth of a few of which is inflated by speculators a number of instances over.
Solana’s low charges have made it the premier blockchain for launching meme cash. Customers sometimes must obtain a Solana-enabled pockets and use the SOL token for transactions. Amid the recognition of meme cash, the worth of SOL virtually doubled at first of the 12 months, exceeding the $200 mark for the primary time for the reason that finish of 2021.