Solana’s Overall Trading Volume Surges 54% to Reach New ATH
In a whirlwind surge of activity, the decentralized exchange (DEX) landscape within the Solana ecosystem has experienced an unprecedented boom. Within just a week, the trading volume of Solana’s DEX platforms soared past a staggering $2 billion. However, the momentum didn’t halt there. An astounding revelation from Wu Blockchain revealed that within three weeks of November 2023, a new record had been set, with the total trading volume surpassing an eye-watering $4.7 billion.
According to DeFiLlama, Solana DEX trading volume increased 54% in the past week to more than $3 billion, once again hitting a record high, with top DEXs Orca and Raydium both growing by more than 70%. Solana is currently the third largest chain in terms of weekly transaction…
— Wu Blockchain (@WuBlockchain) November 20, 2023
The data from DeFiLlama corroborated this surge, indicating a monumental 54% spike in trading volume across Solana’s centralized DEX platforms in the past week alone, rocketing to an impressive $3 billion. This surge catapulted Solana’s DEX ecosystem to a new pinnacle, outpacing its previous records. Notably, leading DEXs like Orca and Raydium witnessed growth rates exceeding 70%, contributing significantly to Solana’s ascent.
Currently, Solana stands as the third-largest chain in terms of weekly transaction volume, trailing behind Ethereum, which boasts a transaction volume of $9.97 billion, and Arbitrum with $4.49 billion.
Beyond the trading volume surge, the token prices of top DEX platforms within the Solana ecosystem, such as Raydium and Orca, experienced a remarkable upsurge of nearly 20% over the past seven days. Amidst this vibrant network activity, Solana’s memecoin project, Bonk (BONK), made headlines by skyrocketing nearly 100% in a week, amassing a trading volume of over $103 million within 24 hours. Astonishingly, this project has surged by a staggering 2477%—equivalent to 24 times—just within the past month.
Solana’s token, SOL, has exhibited remarkable performance compared to other major cryptocurrencies, particularly in recent times. Its monthly and yearly surges stand at 197% and 350%, respectively. As of the time of writing, SOL is trading around the $60 mark, largely fueled by significant updates introduced at Solana Breakpoint 2023 and commendations from prominent stock market maven Cathie Wood. VanEck has projected SOL to reach a monumental $3,211 by the year 2030.
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