Meme Coin Surge Boosts Solana DEX Volumes
Meme coins within the Solana blockchain ecosystem have propelled decentralized exchange volumes to unprecedented levels.
According to DefiLlama, trading volumes on the Solana network experienced a remarkable 117% surge in the past week, reaching an impressive $15.82 billion. Over the last 24 hours, Solana’s total decentralized exchange (DEX) volumes amounted to $2.57 billion, surpassing Ethereum’s performance, which recorded $2.31 billion in the same timeframe. Solana now commands nearly 29% of the total DEX volume.
Top Meme Coins Show Significant Gains
Over the past 24 hours, four meme coins emerged as top gainers – Floki (FLOKI), THORChain (RUNE), Pepe (PEPE), and dogwifhat (WIF). FLOKI led the day with a remarkable 58% increase, according to CoinMarketCap. The remaining coins experienced gains ranging from 13% to 16%.
Solana Network Excitement Boosts SOL Token Rate
The buzz within the Solana network also contributed to a surge in the native token of the SOL blockchain. The coin’s rate exceeded $150 for the first time since January 2022.
Binance Promotion Fuels PEPE Token Rise
The initiation of a spike in meme cryptocurrency prices could be linked to the rise in PEPE token quotes following a promotion by Binance, the leading cryptocurrency exchange, offering PEPE tokens as rewards at the end of February.
Meme Coin Growth Coincides with Dogecoin’s Resurgence
The rise of meme coins aligns with another wave of Dogecoin’s (DOGE) popularity, nearly doubling in price within a week. Dogecoin’s asset capitalization has now reached $24 billion, placing it among the top ten leaders in market capitalization.
