Solana, Base, Sui DEX volume lead as meme coins rebound

Crypto volume has made a strong comeback across centralized and decentralized exchanges, with most cryptocurrencies making a comeback.

Volume increased for Solana, Base and Sui

According to DeFi Llama data, DEX networks in Solana (SOL), Base, and Sui (SUI) led the recovery, with increases of 40%, 20%, and 30% respectively.

Solana DEXs traded $7.13 billion in the last seven days, while Base and Sui traded $3.92 billion and $597 million.

Still, the total volume processed on the CEX and DEX networks in September was the lowest since February. DEX networks processed over $114 billion in transactions, up from $172 billion in the previous month. Ethereum, Solana and BNB Smart Chain had the highest monthly volume.

On the other hand, CEX volume decreased from 1.2 trillion dollars in the previous month to 895 billion dollars this month. Binance had the highest volume, followed by Bybit, OKX and Coinbase.

The recovery over the last seven days has been mostly driven by the ongoing crypto recovery; Bitcoin (BTC) rose to $66,000 and Ethereum (ETH) rose to $2,700.

This rise was largely due to the Federal Reserve deciding to lower interest rates and the Chinese government offering stimulus. They also marched after Binance founder Changpeng Zhao was released from prison.

Solana’s breast coins pumped

Solana’s jump comes as most meme coins in its ecosystem have rebounded.

Data from CoinGecko shows that the price of Moo Deng (MOODENG) has increased by almost 700% in the last seven days, pushing its market cap to over $300 million.

Mother Iggy (MOTHER), which is associated with rapper Iggy Azalia, has soared 96%, pushing its valuation to over $112 million. In total, the market value of all Pump.fun tokens reached over $1.06 billion, while the fees collected reached over $148 million.

Meanwhile, Aerodrome, whose total locked value exceeded $1 billion for the first time, became the most active DEX network on Base, with a trading volume of over $2.66 billion in the last seven days. This was followed by PancakeSwap and Clober.

Cetus, DeepBook, Turbos and Kriya were the leading DEX networks on Sui. Other top performers were BNB Chain, Arbitrum, Optimism and Polygon.