In November 2024, Solana once again shocked the entire cryptocurrency market, with its market capitalization soaring to $109.73 billion, successfully surpassing other mainstream blockchains such as Ethereum (ETH), BASE, and Binance Smart Chain (BSC). This milestone leap has allowed Solana to stand out from the fiercely competitive public chain market, with one of the driving forces behind it being the explosive growth in trading volume.
According to data from DefiLlama, Solana's decentralized exchange (DEX) trading volume surged from $52.49 billion to over $78.7 billion in just one month, increasing by more than 50%, setting a new record in the history of cryptocurrency.
In contrast, Ethereum's DEX trading volume during the same period was $55.4 billion. Even when combining its layer two networks (such as Arbitrum and Base) and BSC's trading volume, it only reached $91.99 billion, still lagging behind Solana.
This not only marks an unprecedented increase in Solana's trading activity, but further consolidates its leadership position in the blockchain ecosystem. Such strong performance hides an unexpected driving factor — the meme coin craze.
In recent months, a batch of emerging meme coins has become a catalyst for Solana's rise. These tokens include Peanut the Squirrel (PNUT), Goatseus Maximus (GOAT), BONK, and DOGEN, attracting a large number of investors with their humorous, quirky themes and cute, vivid marketing approaches.
In particular, the dog-themed meme coin DOGEN has performed remarkably. Analysts expect that before the end of its presale, the price of DOGEN may increase by 700%. A similar phenomenon has also appeared with meme coins BONK and Dogwifhat, indicating that the meme coin craze is not a fleeting moment, but is forming a long-term market trend.
The rise of Solana meme coins is closely linked to a key platform — Pump.fun. Since its launch in January 2024, this platform has become a paradise for meme coin creators. In the first month after its launch, Pump.fun facilitated the creation of over 500,000 meme coins based on Solana.
In just the past two weeks, the trading volume of Pump.fun skyrocketed to $4 billion, contributing $1.4 million in token trading fees to the Solana network. By closely integrating meme coins with the Solana ecosystem, Pump.fun has not only enhanced user engagement but has also sparked an unprecedented wave of enthusiasm for meme coins across the entire crypto market.
Breaking the $100 billion DEX trading volume threshold is not just a number, but a manifestation of Solana's long-term potential. This marks that it has not only outperformed its competitors in performance and user experience, but has also successfully shaped the meme coin as a new growth engine.
However, it is worth noting that the meme coin craze may also bring certain market volatility risks. While enjoying this wave of profits, investors also need to remain rational and focus on the sustainable development of long-term projects.
The rise of Solana is a 'miracle battle' in the crypto market, ignited by meme coins, completing a comprehensive explosion from technology to ecology. Will Solana be able to steadily advance to higher peaks in the future? Mr. Qiu will continue to interpret the latest market dynamics for you, bringing insights into every pulse of the crypto market!
Follow Mr. Qiu to seize the next opportunity and become a market winner!
#sol链 #XRP市场价格动向 #比特币盘整分析 #SUI、IMX、ADA大额解锁 #ETH市场新动向 $SOL $POWR $GLM
