As reported by U.Today, Solana, the fifth-largest cryptocurrency by market capitalization, has performed well in the first quarter of this year. The Q1 report released by on-chain analysis company Messari details this growth.

According to Messari’s “State of Solana Q1 2024” report, Solana’s daily spot DEX volume grew a staggering 319% to $1.5 billion in the last quarter, with DeFi volumes also growing. Meme coin transactions accounted for the majority of the growth in DEX volume.

The first quarter of this year saw an increase in Solana's ecosystem activity, leading to the launch of new projects and increased developer interest. After SOL and stablecoin pairs, SLERF-SOL and WIF-SOL ranked fourth and fifth in terms of token pair trading volume in Q1. The trading pair of SLERF and BOME ranked seventh in terms of trading volume. Other meme coins in the top 15 in terms of trading volume include BONK and WEN.

Telegram bots have become a popular trading venue for retail consumers, with the average number of daily active addresses for Solana Telegram bots growing 573% quarter-over-quarter to 45,000. Telegram bots accounted for about 5% of total quarterly trading volume, more than doubling from the previous quarter. Solana's stablecoin market capitalization grew 55% quarter-over-quarter to $2.8 billion, ranking fifth among all networks, after growing 21% in Q4. USDC was the sole driver of growth, with its market capitalization on Solana growing 111% quarter-over-quarter to $2 billion.

Solana now has the second-largest USDC total volume of any network, second only to Ethereum. Solana DeFi TVL grew 232% quarter-over-quarter to $4.9 billion, ranking fourth among networks. SOL remains a market leader after its breakout in Q4'23. It maintains its position as the fifth-largest value token on the market, behind only BTC, ETH, USDT, and BNB. SOL's market cap remains at an all-time high, having peaked at $77 billion in the last cycle. Solana ended Q1 2024 with a market cap of $86.4 billion, up 97% from the previous quarter.

As of writing, SOL has fallen 6.56% over the past 24 hours to $175 and is down 32% from its all-time high of $260 reached in November 2021.