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

Solana surpassed the $100 billion threshold in monthly decentralized exchange trading volume for the first time in crypto history.

During November 2024, Solana(SOL) DEX volume reached $109.73 billion, surpassing other major cryptocurrency chains such as Base (BASE), Ethereum(ETH), and BSC(BNB). According to Defi Llama, Solana’s DEX volume exceeded $100 billion for the first time.

Solana’s record-breaking monthly DEX volume surge comes alongside a number of meme coin gains from Gopher Peanut (PNUT), Goatseus Maximus (GOAT), DOGEN, and BONK (BONK).

By comparison, Ethereum recorded just $55.4 billion in the same period, gaining barely more than half of Solana’s DEX volume that month. Meanwhile, the DEX volume of layer 2 networks such as Arbitrum and Base combined with the layer 1 blockchain Binance Smart Chain reached $91.99 billion, which is still below Solana.

Monthly DEX volume by chain through November 2024 | Source: DefiLlama

Last month, Solana ranked first in monthly DEX volume with $52.49 billion. Within a month, Solana’s monthly DEX volume increased by more than 50%, reaching the highest level in crypto history.

Solana’s high gains can be attributed to the meme coin craze that is sweeping the cryptocurrency space. In fact, crypto.news reported that major investors are turning away from well-known cryptocurrencies like Cardano(ADA) and Ripple(XRP) in favor of emerging meme coins.

Analysts estimate that Solana-based meme coin DOGEN has the potential to skyrocket by 700% before presales end. DOGEN’s tremendous growth is followed by two other dog-themed meme coins, BONK and Dogwifhat.

Since the launch of Pump.fun in January, Solana has become the preferred memecoin chain in DeFi. Just one month after Pump.fun’s launch, there were over 500,000 Solana-based memecoins on the platform.

According to Dune’s data, Pump.fun contributed a total of $1.4 million in Solana token fees. Pump.fun’s own trading volume has reached nearly $4 billion in the last 14 days. At the time of this writing, a total of 3.8 million tokens have been released on Pump.fun.