Thomas Daniels
Solana has overtaken Ethereum in a significant decentralized exchange (DEX) metric, driven by rising meme coin activity and surging non-fungible token (NFT) sales. According to data from DeFi Llama, Solana’s DEX platforms processed over $845 million in 24-hour trading volume, compared to Ethereum’s $747 million. This brings Solana’s weekly volume to $5.17 billion, trailing Ethereum’s $6.4 billion. Other leading chains include Binance Smart Chain (BSC) with $3.86 billion and Arbitrum with $2.32 billion.
Within Solana’s ecosystem, Orca emerged as the largest DEX in the past week, followed by Raydium and Phoenix. The surge in Solana’s DEX volume coincides with a sharp recovery in meme coin activity. Popcat (POP) has jumped 25% over the past seven days, making it the top-performing meme coin. Dogwifhat (WIF) climbed 9.4%, pushing its market capitalization to $1.72 billion, while Cat In A Dogs World (MEW) rose 16.2%, and Book of Meme increased by 8.5%. Typically, crypto trading volume rises alongside positive price momentum in tokens.
Further strengthening Solana’s performance, the platform’s NFT market has seen a robust rebound. Data from Cryptoslam reveals a 35% rise in total NFT sales, reaching $16.7 million over the past seven days. The number of unique buyers increased by 153%, totaling 220,000, with top collections including Sorare, DeGods, and Solana Monkey Business leading the charge.
Adding to Solana’s recent headlines, Coinbase has integrated support for Solana’s ckBTC, and the platform’s developers have introduced PlaySolana, a handheld gaming console. These developments have contributed to a resurgence in Solana’s native token (SOL), which has posted gains for six consecutive days, its strongest rally since late August.
