Solana Surpasses Ethereum in DEX Volume Amid NFT Sales Surge

Solana surpassed Ethereum in 24-hour trading volume within the decentralized exchange sector, largely due to a surge in its meme coins.

As reported by DeFi Llama, Solana (SOL) DEX networks recorded more than $845 million in volume over the last 24 hours, bringing the total weekly volume to $5.17 billion.

During the same timeframe, Ethereum (ETH) processed $747 million, with its weekly total exceeding $6.4 billion. Other leading chains included BNB Smart Chain and Arbitrum, which handled token transactions valued at $3.86 billion and $2.32 billion, respectively.

Orca has emerged as the dominant DEX in Solana’s ecosystem over the past week, followed closely by Raydium and Phoenix.

Solana summer

Additional statistics indicate that March was a record month for Solana, processing cryptocurrencies worth $60 billion.

This was followed by July, with transactions totaling $56 billion, while Ethereum managed to process coins worth $52 billion.

Solana’s trading volume surged due to the robust resurgence of several of its meme coins in recent days. The Popcat (POPCAT) token saw an increase of over 25% in the past week, making it the top performer among the leading meme coins.

Dogwifhat (WIF) experienced a growth of more than 9.4% during the same period, elevating its market capitalization to over $1.72 billion. Additionally, Cat In A Dogs World (MEW) increased by 16.2%, and Book of Meme saw an 8.5% jump. Typically, crypto volume tends to rise during bullish trends.

Another noteworthy update for Solana is the significant recovery in the non-fungible token (NFT) sector. According to data from Cryptoslam, the total NFT sales on Solana increased by over 35% in the last week, reaching $16.7 million.

The number of buyers rose by 153% to 220,000, with the most sought-after NFT collections being Sorare, DeGods, and Solana Monkey Business.

Recently, Solana has been in the news for additional reasons, including Coinbase’s support for Solana’s ckBTC and the launch of PlaySolana, a new handheld gaming console by developers.

With the SOL token’s rebound, Solana’s DEX and NFT volumes have also risen, marking its highest increase over six consecutive days since August 27.