A web3 membership designed to empower you with cutting-edge insights and knowledge, powered by Access Protocol. Learn more ›
Welcome! 👋 You are connected to CryptoSlate Alpha. To manage your wallet connection, click the button below.
If you don’t have enough, buy ACS on the following exchanges:
Access Protocol is a web3 monetization paywall. When users stake ACS, they can access paywalled content. Learn more ›
Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.
The surge in trading volume aligns with a significant interest in memecoins within the Solana ecosystem.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Decentralized exchanges on the Solana blockchain have set a new monthly record for trading volume, surpassing $60.34 billion in March, based on DeFiLlama data.
This achievement more than doubles the previous record of nearly $28.14 billion from December 2023 and is the second-highest volume of all blockchains — surpassed only by Ethereum’s $77.55 billion during the month.
BSC boasted the third-highest DEX trading volume at $47.81 billion, while the fourth spot went to Arbitrum’s $27.74 billion. Notably, the trading volume on BASE grew almost 7x during the month to $7.8 billion.
The surge in trading volume aligns with a significant interest in memecoins within the Solana ecosystem, highlighted by notable performers like Dogwifhat (WIF) and Bonk (BONK), alongside newer entrants such as Book of Meme (BOME) and Slerf (SLERF).
Meme coins related to political figures like Donald Trump and Joe Biden also experienced gains in March.
Other meme coins on Solana, such as Popcat (POPCAT), also saw significant increases, with a 45% rise to a price above $0.33.
Despite the typical volatility of the meme coin market, Dogwifhat closed March up by 43.9%, and Bonk ended the month with a 1.3% increase.
Orca led the Solana DEX space, with a trading volume of $3.6 billion in the past week, followed by Raydium and Phoenix with $1.73 billion and $1.6 billion, respectively.
This period of heightened trading activity has notably benefited Jupiter, a decentralized exchange aggregator on Solana, whose native token JUP rose by 24.9% over the past week.
As meme coins drive buying frenzies on the Solana network, the SOL token itself started April with a 4% decrease in its value over the last 24 hours, currently priced just below $189.
Even with this slight downturn, Solana’s market capitalization hit an all-time high of over $90 billion in March, reflecting the expansive growth and engagement within the decentralized finance sector and the vibrant meme coin market.
AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.
Solana’s DEX ecosystem sees remarkable growth with Raydium leading in volumes and liquidity.
Despite the rise of memecoins, Solana’s TVL growth steered by substantial protocols offering liquidity and staking solutions.
DEX Screener responded to the influx and said it will take action against the trend.
As of press time, SOL was trading at roughly $174 as of press time with a market cap of approximately $77 billion.
CryptoSlate’s latest report dives deep into Bitcoin options to better understand how they affect market sentiment and predict future movements and investor expectations.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Daily digest of top crypto stories and market insights. Never miss out.
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
BNB, or Binance Coin, is a cryptocurrency created by Binance.
Arbitrum is a type of technology known as an optimistic rollup.
Orca is one of the first general-purpose AMMs launched on Solana.
Jupiter (JUP) is a blockchain that operates on a Java-coded platform.
Dogwifhat (WIF), a Solana-based crypto, has emerged as a surprising phenomenon in the digital asset market.
Bonk is the first Solana dog coin for the people, by the people with 50% of the total supply airdropped to the Solana community.
Introducing the BOOK OF MEME: an experimental project poised to redefine web3 culture by amalgamating memes, decentralized storage solutions, and degen shitcoin trading and gambling.
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
HackaTRON Season 6 welcomes top industry leaders as judges and introduces a record-breaking prize pool to foster blockchain innovation.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
© 2024 CryptoSlate. All rights reserved. Disclaimers | Terms | Privacy
Please add “[email protected]“ to your email whitelist.
Stay connected via
source
Source: www.cryptoslate.com
