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Solana DEXs See Record Trading Volume Amid Memecoin Frenzy

Fueled by memecoins, Solana DEXs surpass previous trading volume record by more than a double

Decentralized exchanges on the Solana blockchain achieved a remarkable milestone in March, recording a record-breaking trading volume of over $60.34 billion, as reported by DeFiLlama. This surge in activity signifies a significant increase from the previous record of $28.14 billion in December 2023 and positions Solana as the second-highest blockchain in terms of DEX trading volume, following only Ethereum's $77.55 billion during the same period.

The Solana ecosystem's robust performance is further underscored by the impressive growth of meme coins, with notable performers like Dogwifhat (WIF), Bonk (BONK), Book of Meme (BOME), and Slerf (SLERF) driving heightened interest and trading activity. Memecoins associated with political figures, including Donald Trump and Joe Biden, also experienced notable gains during the month.

Orca leads Solana DEXs as memecoins drive buying frenzy

Orca emerged as the leading decentralized exchange on Solana, boasting a trading volume of $3.6 billion in the past week, followed closely by Raydium and Phoenix with $1.73 billion and $1.6 billion, respectively. The surge in meme coin trading has also positively impacted Jupiter, a decentralized exchange aggregator, whose native token JUP saw a significant increase of 24.9% over the past week.

Despite a slight decrease in the value of the SOL token by 4% in the last 24 hours, currently priced just below $189, Solana's market capitalization reached an all-time high of over $90 billion in March. This remarkable achievement reflects the growing momentum and engagement within the decentralized finance sector and the vibrant meme coin market.