In November 2024, Solana hit an impressive $109.73 billion. It left other big names like ETH, BASE, and BSC in the dust, according to DefiLlama .
This is a huge leap for Solana, whose DEX volume last month was just $52.49 billion. In one month, it shot up more than 50%, setting a new record in the world of cryptocurrency. For comparison, Ethereum only reached $55.4 billion in the same period. Even when combining the trading volumes of Ethereum’s layer-2 networks like Arbitrum and Base with BSC, the total still lagged behind Solana, coming in at $91.99 billion.
Meme Coins Fuel the Surge
So, what’s fueling Solana’s success? Meme coins. A flurry of new meme coins, such as Peanut the Squirrel ( PNUT ), Goatseus Maximus ( GOAT ), DOGEN, and BONK, have taken the crypto world by storm. Investors are leaving traditional cryptocurrencies like Cardano (ADA) and Ripple (XRP) in the rearview mirror, flocking instead to these quirky, fun tokens.
One standout is DOGEN, a dog-themed meme coin that analysts say could skyrocket by 700% before its pre-sales even end. DOGEN’s rise has been matched by other meme coins, such as BONK and Dogwifhat , showing that the meme coin craze is no flash in the pan.
The Role of Pump.fun
Part of Solana’s success can be traced back to pump.fun , a platform that launched in January 2024. Pump.fun has become the go-to spot for meme coins, with more than 500,000 Solana-based meme coins created within its first month.
Since then, the platform’s trading volume has climbed to nearly $4 billion in the last two weeks alone. Pump.fun has also generated $1.4 million worth of Solana tokens in fees, further boosting Solana’s popularity.
Pump Fun just released ADVANCED terminal! $GOAT , $FWOG , $PNUT were lauched here
ALL you need is RIGHT tool and 20 minutes of research
Here’s how to start trading on Pump Fun👇🧵 pic.twitter.com/JuNABqlaJm
— Red KendL (@redkendl) November 10, 2024
Solana Leads the Pack
Breaking the $100 billion threshold in DEX volume is a big deal. It’s like hitting a grand slam in the ninth inning—Solana didn’t just win; it crushed the competition. With meme coins bringing in a fresh wave of excitement, Solana is proving it’s a force to be reckoned with in the crypto world.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
