Ethereum

2024

Solana

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<p class="is-style-lead">Solana has surged ahead of Ethereum in weekly on-chain trading volumes, driven by a remarkable uptick in meme coin activity that now accounts for 40% of its trading landscape.</p> 
<p>The crypto landscape is shifting, with <a href="https://crypto.news/tag/solana/" target="_blank">Solana</a> recently eclipsing <a href="https://crypto.news/tag/ethereum/" target="_blank">Ethereum</a> in weekly on-chain trading volume. A recent report from Wintermute shows that Solana’s (<a href="https://crypto.news/price/solana/" target="_blank">SOL</a>) trading volume jumped 50% to $51 billion, while Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>) reached $46 billion, reflecting the ongoing recovery of the crypto sector from recent lows.</p> 
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   <p lang="zxx" dir="ltr"><a rel="nofollow" href="https://t.co/opFkcd7Ypu" target="_blank">https://t.co/opFkcd7Ypu</a></p>— Wintermute (@wintermute_t) <a href="https://twitter.com/wintermute_t/status/1846095458604863751?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 15, 2024</a>
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<p>A big driver behind this momentum appears to be the rise of meme coins, which now account for 40% of Solana’s trading activity, fueled by meme coin marketplace pump.fun, which now accounts for 35% of Solana’s total decentralized exchange volume. However, despite the extensive hype, only 0.76% of pump.fun wallets have generated $1,000 or more, as crypto.news <a href="https://crypto.news/only-0-76-of-pump-fun-wallets-made-1000-or-more-cn-research/" target="_blank">reported</a> earlier in an exclusive deep-dive report.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/pump-fun-sells-10300-sol-worth-1-38m/"> Pump.fun sells 10,300 SOL worth $1.38m </a> </p> 
<p>The influx of speculative trading has led to a dramatic increase in token generation on the network, capturing an impressive 86% market share, up from 60% in early September, Wintermute notes. Weekly token generation also skyrocketed from 45,000 to 110,000 tokens.</p> 
<p>Meme coins themselves have outperformed other sectors as well, with the GMCI’s Meme Index rising 34% in September, closely trailing the 39% growth of the GMAI Index. Year-to-date, the index has surged 140%, far surpassing the GMAI Index’s 83% growth, Wintermute notes.</p> 
<p>Analysts suggest that Solana’s burgeoning meme coin activity “could potentially catalyze broader growth across the entire industry,” adding that the calm in crypto markets may be the “prelude to a storm as the U.S. election approaches.”</p> 
<p> Read more: <a rel="" href="https://crypto.news/pump-fun-reaches-30m-in-revenue-from-solanas-meme-coin-frenzy/"> Pump.fun reaches $30m in revenue from Solana’s meme coin frenzy </a> </p>

Wintermute: 40% of Solana’s trading volume centers around meme coins

crypto.news

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