One of the main reasons why Solana has performed well in its monthly DEX volume is mass adoption and gains driven from memecoins.
One more reason contributing to the surge is large investors shifting from other prominent cryptocurrencies such as Ethereum (ETH), Cardano (ADA), and Ripple (XRP) to crypto such as Solana and many others
Another obvious reason can be attributed to the historical win of Donald Trump as the President of the United States.
Since the beginning of November, Solana DEX volume has been over $115 billion. It is now at the leading position by surpassing cryptocurrency chains such as Ethereum (ETH), Base (BASE), and Arbitrium (ARB), the data from Defi Llama states.
One of the main reasons why Solana has performed well in its monthly DEX volume is mass adoption and gains driven from memecoins such as Peanut the Squirrel (PNUT), Goatseus Maximus (GOAT), DOGEN, and so on. Talking about the leading cryptocurrencies such as Ethereum, it has witnessed just 60.25 billion in DEX volume this month, which is nearly half of the DEX volume of Solana.
At the same time, BASE, BSC, and Arbitritum stood at $37.59 billion, $30.86 billion and $29.60 billion respectively. If we combine the DEX volume of these three mentioned cryptocurrencies, then still it is less than that of Solana’s.
Highest surge in the history of crypto
Source: DeFiLlama
In October 2024, the total monthly DEX volume of Solana stood at $52.49 billion. In just one month, the volume went over 50%. The surge is said to be the highest in the history of crypto. On November 12, a sudden increase in trading volume was witnessed, and after this sudden surge, the DEX volumes have always been above $5.7 billion per day.
As reported earlier, one more reason contributing to the surge is large investors shifting from other prominent cryptocurrencies such as Ethereum (ETH), Cardano (ADA), and Ripple (XRP) to crypto such as Solana and many others.
Another obvious reason can be attributed to the historical win of Donald Trump as the President of the United States. His win has overall pushed the crypto market leading to new all-time highs for many cryptocurrencies.
As per the prediction of market analysts, Solana-based memecoin, DOGEN can go above 700% before the end of pre-sale. After DOGEN, the growth is held by other memecoins such as BONK and Dogwifhat.
A dig into Solana
Source: CoinMarketCap
At the time of writing, the overall market capitalization of Solana is $113.04 billion, showing a 5.71% loss in the past 24 hours. The price of Solana is hovering at $238.12. It is also speculated that SOL will again cross the $250 mark before the end of this year.
In November 2021, an all-time high of $260.06 was witnessed by Solana after that the record was broken on November 23, 2024, witnessing the $263 mark. In November 2022, the collapse of FTX affected the price to its extent. The mentioned crypto will also soon record a new all-time high.
