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Explosive Memecoin Surge Sends Solana DEX Volume to Record Highs: On-Chain Data

March 17, 2024

A large surge in memecoin activity has driven decentralized exchange (DEX) volume on Solana (SOL) to record highs, the latest on-chain data shows.

According to blockchain analytics platform DefiLlama, Solana’s volume reached $3.802 billion on Saturday, a high that eclipses old records set earlier this year.

Solana’s total value locked (TVL) has also seen a parabolic uptrend, soaring to a high of $4.034 billion. TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to gauge the health of a crypto ecosystem.

The rise in activity is largely due to the success of several memecoins on Solana.

According to the decentralized finance (DeFi) analytics platform Dexscreener, the newly launched memecoin Book of Meme (BOME), which was recently listed on Binance, has done over $907 million in volume over 24 hours.

Dogwifhat (WIF), Solana’s biggest memecoin, has done $568 million in volume in 24 hours, while BONK, also a dog-themed coin, has recorded $359 million in the same time frame.

There are also countless other coins at much lower market caps being launched on Solana contributing to the soaring DEX volume.

According to data from CoinGecko, the Solana-based decentralized exchange aggregator Jupiter (JUP) has recorded more volume than Ethereum’s (ETH) Uniswap (UNI) V3 in the last 24 hours.

JUP, the native token of Jupiter, is up 143% in the last month, while Solana itself is up 58% in the same timeframe.

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