Solana, Base, Sui DEXs Surge as Meme Coins Rally Back

Crypto trading volumes have sharply rebounded across both centralized and decentralized exchanges as the majority of coins have seen a recovery.

Significant volume increases for Solana, Base, and Sui

As per data from DeFi Llama, decentralized exchange networks in Solana (SOL), Base, and Sui (SUI) experienced remarkable gains, climbing by 40%, 20%, and 30%, respectively.

In the past week, Solana DEXes recorded $7.13 billion in transactions, while Base and Sui processed $3.92 billion and $597 million, respectively.

However, total trading volumes across CEX and DEX platforms in September remained the lowest since February. DEX networks managed over $114 billion, a drop from $172 billion in the prior month. Ethereum, Solana, and BNB Smart Chain had the highest trading volumes for the month.

Conversely, CEX volumes reached $895 billion this month, down from $1.2 trillion previously. Binance led the pack, followed by Bybit, OKX, and Coinbase.

The surge in the last week can be attributed largely to the broader recovery in the crypto market, with Bitcoin (BTC) climbing to $66,000 and Ethereum (ETH) surging to $2,700.

This rally was fueled by the Federal Reserve’s decision to begin lowering interest rates and stimulus measures from the Chinese government, as well as the release of Binance founder Changpeng Zhao from custody.

Surge in Solana’s meme coins

The increase in Solana’s activity coincided with a recovery in many meme coins within its ecosystem.

According to CoinGecko, the price of Moo Deng (MOODENG) skyrocketed nearly 700% in the last week, elevating its market capitalization to over $300 million.

Mother Iggy (MOTHER), linked to rapper Iggy Azalea, saw a 96% increase, pushing its market cap above $112 million. Collectively, the market cap of all Pump.fun tokens surged past $1.06 billion, while the accrued fees have soared to over $148 million.

In addition, Aerodrome, which surpassed $1 billion in total value locked for the first time, emerged as the busiest DEX network in Base, with over $2.66 billion in trading volume in the past week. It was closely followed by PancakeSwap and Clober.

Leading DEX networks in Sui included Cetus, DeepBook, Turbos, and Kriya, while BNB Chain, Arbitrum, Optimism, and Polygon also performed strongly.