Solana Monthly DEX Volume Smashes $100 Billion: What’s Next for SOL Crypto?
Solana volume is soaring. The monthly DEX volume broke $100 billion amid rising demand for PEPU in the ongoing Pepe Unchained presale – let’s take a look.
After the disappointing “Uptober”, Solana, Bitcoin, and other altcoins rallied strongly in November. Solana is now trading at fresh all-time highs, breaking above $260 barely two years after crashing to as low as $8.
The impressive performance aligns with historical performances. Over the years, November has proven to be a solid month for the third most valuable smart contracts platform.
Apart from the disastrous collapse of FTX, which induced the SOL
Price
Trading volume in 24h
Last 7d price movement
sell-off in November 2022, 2021, 2023, and now 2024, the coin tends to rally.
As traders watch for price action, eyes are on Solana and its ecosystem.
Solana Monthly DEX Volume Breaks $100 Billion
According to trackers, the Solana monthly decentralized exchange (DEX) volume rose above $100 billion for the first time.
The rate of this expansion means Solana is already solidifying its place as a dominant force in crypto and DeFi.
(Source)
Data from DeFiLlama shows that the Solana monthly DEX volume rose to $116 billion, nearly double that of the Ethereum mainnet, which stood at $61 billion.
Solana’s monthly DEX volume, at $116 billion, grew by over 100% from October’s $52.5 billion.
What’s Driving The Explosion of Activity on Solana Blockchain?
There are multiple reasons why DEX volume is exploding.
One main reason is the meme coin frenzy, which has seen hundreds of thousands of meme coins launch via Pump.fun.
The wave, driven by retailers scrambling for the next Dogecoin or GOAT, has been fueled by millions and thousands of hours spent sifting through thousands of tokens.
Cumulatively, their activity has seen meme coin trading volume soar, pushing the total market cap of all meme coins to over $131 billion.
As of November 24, Dune Analytics data showed that Pump.fun had generated over $3.75 million from gas fees, pushing total revenue to over $247 million.
(Source)
Meanwhile, in the past 24 hours, 49,179 meme coins were launched with 596 tokens listing on Raydium.
(Source)
By November 22, Raydium generated over $8.9 million in fees, looking at DeFiLlama data.
DON’T MISS: Best New Cryptocurrencies to Invest in 2024
Pepe Unchained Raises Over $50 Million: PEPU Launching In 18 Days
As Solana thrives, investors and traders are watching Pepe Unchained (PEPU). Pepe Unchained has been making waves as investors scramble to buy PEPU less than three weeks before the presale ends.
So far, the Pepe Unchained presale has raised over $50 million.
What’s more? PEPU is trading for just $0.01295. You can purchase PEPU using ETH, USDT, or even card. There is no limit as to how much you can buy.
So, what’s behind this rush to buy Pepe Unchained?
Pepe Unchained is solving a pertinent issue plaguing Ethereum: high fees.
The platform will launch an Ethereum layer-2, Pepe Chain.
Pepe Chain will be 100X faster than Ethereum, translating to low fees and high scalability for projects launching.
Ahead of this launch, there is a program, “Frens with Benefits.” The goal is to fund talented developers to build on Pepe Chain.
Once they deploy their projects and list tokens on the in-built DEX, all transactions will be tracked via a native block explorer.
If you want to launch a meme coin but have zero coding experience, the Pump Pad simplifies everything.
Launching will be straightforward and takes but a few steps, even faster than Pump.fun.
Analysts on YouTube are confident about PEPU’s prospects.
Believing that Pepe Unchained is more than a meme coin, investors believe PEPU can grow, secure a place in the top 10 most valuable meme coins, and outperform some of the top tokens like GOAT and BOME.
DON’T MISS OUT – VISIT PEPE UNCHAINED HERE
EXPLORE: Aptos Spent $494 Million On Incentives: Is This Sustainable? Revenue Is Worryingly Low
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