Solana outperforms Ethereum with record-breaking trading volumes

Solana (SOL) has appeared frequently in the latest crypto news in recent days. This is of course linked to the particularly positive price development. In addition to a rising SOL price, the ecosystem itself is also doing very well. This is evident from the trading volumes on decentralized exchanges in the network.

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Solana exchanges are experiencing tremendous growth

Data from DefiLlama shows that trading volume on decentralized exchanges (DEX) on Solana has increased by 51% over the past week. The trading volume in the last 24 hours is $2.1 billion.

The recent surge sees Solana exchanges outperform Ethereum (ETH) for the first time. Exchanges on Ethereum recorded a total trading volume of “only” $1.2 billion in the last 24 hours.

Solana is also at the top over the last 7 days. The “Ethereum Killer” recorded $10.1 billion in trading volume last week, while Ethereum remains at $8.8 billion.

Possible Causes: BONK and other meme cryptocurrencies

Possible reasons for these developments are the low transaction costs on Solana. Ethereum suffers from high transaction costs, making other networks more attractive to some traders.

The hype surrounding the meme coins BONK and Dogwihat (WIF) is also contributing to the significantly increased activity on Solana. This emerges from data from Dune. The value of WIF rose by tens of thousands of percent last month.

BONK also rose by thousands of percent. The meme coin was one of the 3 biggest crypto winners in 2023.

It is uncertain whether Solana can maintain the top position. Ethereum is typically the largest platform when it comes to trading volume on decentralized exchanges.

Solana overtakes XRP and enters the top 5

Solana price has increased significantly in value in the last few days. It even managed to overtake Ripple (XRP) and took 5th place in the crypto rankings. At the time of writing, the altcoin is fighting for 4th place with BNB Coin (BNB).

The fact that Solana’s popularity has increased significantly recently can be seen, among other things, in the trading volumes on the central exchanges. For example, Solana is the most traded cryptocurrency on the Dutch crypto exchange Bitvavo. Don’t have an account with Bitvavo yet? Get 20 euros in free credit as a welcome bonus using this link.

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