Solana emerges as the primary choice for DEX listings amidst the frenzy surrounding meme coins.
In the midst of the ongoing craze surrounding meme coins, decentralized exchanges (DEXs) on the Solana network have dominated trading volume in the past 24 hours, according to CoinGecko. Raydium, Jupiter, and Orca emerged as the top three DEXs in terms of volume, with Raydium leading the pack at $2.2 billion, nearly twice the volume of Uniswap V3 on Ethereum.
Over the past four months, Solana has seen a steady increase in DEX volume compared to Ethereum. Currently, the weekly DEX volume on Solana accounts for 29.4% of the total DEX volume, a significant rise from 10.7% at the start of December 2023.
In recent months, both Base and Solana have witnessed a surge in the number of new tokens. Base alone accounted for more than half of all listed tokens on DEXs in early April, while Solana saw approximately 16,000 new tokens. On April 8, Base had around 1,010 new DEX tokens out of a total of 1,650, indicating a substantial portion.
Since December 2023, interest in Base and Solana has been on the rise, fueled by the excitement surrounding the emergence of numerous meme coins. Consequently, Solana has become the go-to blockchain for launching these coins, with thousands of new tokens appearing daily. Speculators have inflated the prices of some of these tokens multiple times over.
Solana’s appeal is further bolstered by its low fees, making it an attractive choice for meme coin launches. Users typically require a Solana-enabled wallet and the SOL token for transactions. As meme coins gain popularity, the price of SOL surged at the beginning of the year, surpassing the $200 mark for the first time since the end of 2021.
In related news, Ethereum co-founder Vitalik Buterin recently criticized Solana for hosting racist meme coins and called for the development of better projects. Stay updated with the latest news by following us on Google News.
