According to DefiLlama data, since entering November, the total trading volume on decentralized exchanges (DEX) on Solana has reached 109.8 billion dollars, marking the first time Solana DEX's monthly trading volume has surpassed 100 billion dollars, showcasing explosive growth momentum.
Solana's DEX trading volume in November reached 109.8 billion dollars, which is not only double last month's 52.5 billion dollars but also far surpasses Ethereum's mainnet at 55.3 billion dollars, solidifying its leading position.
The meme coin craze and low transaction fees boost trading volume
Eden Au, research director at The Block, analyzed that this surge in trading volume is mainly attributed to the recent meme coin craze, along with Solana's low transaction fees and user-friendly experience.
DefiLlama data shows that in November this year, the two major trading platforms on Solana, pump.fun and Raydium, generated $71.5 million and $182 million in fee revenue, respectively, both setting historical highs.
Eden Au predicts that Solana will continue to attract more retail users in the coming years. He pointed out:
As we may welcome a bull market in 2025, with liquidity gradually withdrawing from the mainstream cryptocurrency market, retail speculators seeking high returns will collectively flock to the meme coin market.
Active addresses continue to soar, SOL price hits historical high
Solana's user base is also steadily expanding. The Block data shows that the number of monthly active addresses on Solana has reached 107.5 million, and if the growth trend continues, it is very likely to break the new high of 123 million set in October this month.
At the same time, the price of Solana's native token SOL has surged along with market trends, breaking the historical high of 263 dollars set in 2021 last week. Currently, SOL is priced at about 254 dollars, and although there is a slight pullback, it remains in a high range.
"The meme coin craze assists! Solana DEX's monthly trading volume 'first breaks 100 billion dollars'" This article was first published on (BlockKe).
