Peanut

DOGEN

Solana

Base

Solana has surpassed the $100 billion threshold for monthly decentralized exchange trading volume for the first time in crypto history. 
Throughout November 2024, Solana(<a rel="" href="https://crypto.news/price/solana/">SOL</a>) DEX volume reached $109.73 billion, surpassing other major cryptocurrency chains like Base (<a rel="" href="https://crypto.news/price/base/">BASE</a>), Ethereum(<a rel="" href="https://crypto.news/price/ethereum/">ETH</a>) and BSC(<a rel="" href="https://crypto.news/price/bnb/">BNB</a>). This is the first time Solana’s DEX volume has surpassed the $100 billion mark, according to <a href="https://defillama.com/dexs/chains" target="_blank" rel="nofollow">Defi Llama</a>. 
The surge of Solana’s record-breaking monthly DEX volume comes alongside a herd of meme coin gains from Peanut the Squirrel(<a rel="" href="https://crypto.news/pnut-price-prediction-pnut-pumps-another-126/">PNUT</a>), Goatseus Maximus(<a rel="" href="https://crypto.news/price/goat/">GOAT</a>), <a rel="" href="https://crypto.news/dogen-to-skyrocket-from-0-0008-cardano-looks-to-hit-2-and-tron-0-5/">DOGEN</a>, and BONK(<a rel="" href="https://crypto.news/price/bonk/">BONK</a>). 
In comparison, Ethereum only recorded $55.4 billion in the same period, barely gaining more than half of Solana’s DEX volume that month. Meanwhile, the DEX volume for layer-2 networks like Arbitrum and Base combined with layer-1 blockchain Binance Smart Chain amounted to $91.99 billion, still below that of Solana. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1497" height="746" src="https://crypto.news/app/uploads/2024/11/Screenshot-4973.png" alt="Solana's monthly DEX volume surpassed $100b for first time ever - 30" class="wp-image-14313651">
 <figcaption class="wp-element-caption">
 Monthly DEX volume by chain throughout November 2024 | Source: <a href="https://defillama.com/dexs/chains" target="_blank" rel="nofollow">DefiLlama</a>
 </figcaption>
</figure> 
 You might also like: <a rel="" href="https://crypto.news/early-solana-investor-predicts-this-0-04-altcoin-will-deliver-100x-roi-by-2025/"> Early Solana investor predicts this $0.04 altcoin will deliver 100x ROI by 2025 </a> 
Last month, Solana also stood in first place with $52.49 billion in monthly DEX volume. In the span of a month, Solana’s monthly DEX volume leapt more than 50%, the highest it has ever been in crypto history. 
Solana’s high gains could be attributed to the <a rel="" href="https://crypto.news/tag/meme-coin/">meme coin</a> frenzy sweeping the crypto sphere. In fact, crypto.news <a rel="" href="https://crypto.news/whales-choose-meme-coin-over-cardano-and-ripple-9500-roi-predicted-for-this-new-token/">reported</a> that large investors are turning away from well-known cryptocurrencies such as Cardano(<a rel="" href="https://crypto.news/price/cardano/">ADA</a>) and Ripple(<a rel="" href="https://crypto.news/price/cardano/">XRP</a>) in favor of emerging meme coins. 
Analysts <a rel="" href="https://crypto.news/dogen-to-skyrocket-from-0-0008-cardano-looks-to-hit-2-and-tron-0-5/">predict</a> that the Solana-based meme coin DOGEN has potential to skyrocket 700% before pre-sales end. DOGEN’s massive growth is followed by two other dog-themed meme coins, BONK and Dogwifhat 
Ever since the launch of <a rel="" href="https://crypto.news/pump-fun-hits-100m-revenue-but-users-criticize-unsustainable-model/">pump.fun</a> in January, Solana has become the go-to memecoin chain in DeFi. Only a month after pump.fun’s debut, there were more than 500,000 Solana-based memecoins on the platform. 
According to data from <a href="https://dune.com/jhackworth/pumpfun" target="_blank" rel="nofollow">Dune</a>, pump.fun has contributed a total of $1.4 million Solana tokens in fees. Pump.fun’s own trading volume has reached nearly $4 billion in the last 14 days. At the time of writing, there have been a total of 3.8 million tokens launched on pump.fun. 
 You might also like: <a rel="" href="https://crypto.news/pump-fun-hits-100m-revenue-but-users-criticize-unsustainable-model/"> Pump.fun hits $100m revenue, but users criticize unsustainable model </a>

Solana’s monthly DEX volume surpassed $100b for first time ever

crypto.news

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