The 2024 beginning brought renewed hopes for dozens of cryptocurrencies, and hope turned into an opportunity after the recent historical victory of Donald Trump. Bitcoin, Ethereum, Solana, and Dogecoin have reported a massive spike in trading prices, volume, market capitalization, and TVL.
According to data from Defillama, Solana has achieved a fresh milestone after its decentralized exchanges acquired $70.9 billion in trading volume in a 30 -30-day time frame. A change of 127 percent has been observed in the volume in the weekly time frame.
Source: Defillama
It is worth noting that one of the primary reasons behind the surged volume is the skyrocketing adoption and trading of memecoins. The spike in the volume is not normal as it is the first time when it reached such a milestone since the end of 2022.
The year 2022 will be always remembered as the black day for the digital asset industry as in the same year companies like FTX, Terra, and Alameda Research inducing others filed for bankruptcy.
In the same year, the total reported losses of the broader market surged above $100 billion troubling millions of innocent investors.
On November 12 a sudden surge in the trading volume was observed with daily volumes peaking at $6.88 billion. Since then, Solana’s DEX volumes have consistently remained above $5.7 billion per day, significantly surpassing Ethereum’s DEX ecosystem.
During the same period, Ethereum’s DEX handled $14.27 billion in trades, trailing significantly behind Solana. Other networks, including Base with $11.9 billion, BNB Chain with $11.73 billion, and Arbitrum with $9.57 billion, also recorded lower trading volumes.
Who is Outperforming Whom?
Additional information states that Raydium has topped the list as its recorded volume in the seven-day time frame was $27.673b and its intraday volume was $$4.06b, a collective growth of 128 percent has been seen.
On the Solana chain, the second most prominent is Orca which is $895.95m in 24-hour volume, and its growth percentage is 135. Known crypto-based protocols such as Curve Finance, UniSwap, and DoDo have remained close/ steady in terms of trading volume growth compared to the projects listed on the Solana blockchain.
Compared to the Solana blockchain the volume on the Ethereum blockchain has suffered registering a decline of 4.23% reaching $14.275b. The recorded intraday volume on the Ether chain was $849.64m.
Solana Price Overview
Until publishing the market capitalization of Solana was $114.34 billion which grew more than 4 percent in the past 24 hours, at the same time it was trading at $240.82 adding 36 percent in the monthly time frame.
Source: CoinMarketCap
The reported bullishness in SOL price after the historical victory of Trump has raised debates that its price might soon cross the mark of $250 and reach a new 52 ATH in the next coming sessions.
Solana reached its all-time high of $260.06 in November 2021 during its early days. With the current momentum in SOL’s price mirroring that period, it is anticipated to achieve a new all-time high of $260.06 soon.
According to financial experts, Solana is expected to experience significant growth in the near future. This prediction is primarily based on SOL’s market cap, which has increased by over 130% year-to-date (YTD).
