Memecoin trading has surged once again on Solana. According to DefiLlama data, decentralized exchange (DEX) volume on Solana in the past 24 hours has reached an impressive $2 billion.
This amount surpasses the total DEX trading volume recorded on Ethereum, many layer 2 networks, and BNB Chain within the same timeframe, marking a first for Solana.
The main catalyst behind Solana's trading frenzy on Sunday was Neiro, a new memecoin that quickly gained traction within the cryptocurrency community on Twitter.
Neiro is named after the new dog adopted by the same family following the recent passing of Dogecoin's mascot, Kabosu.
The rise in popularity of the Neiro memecoin has led to the creation of numerous imitation altcoins on Solana. According to Dexscreener data, trading activity on these Neiro coins has now surpassed the $1 billion mark.
The success of one memecoin often spawns a host of similar ones. As a result, Neiro is now the name of several tokens traded on Solana, with the largest having a market cap of $58 million, followed by another worth $13 million. #Solana_Blockchain #SolanaUSTD #Memecoin🤑🤑 #NEIRO #Cryptocurrencies