For the first time in cryptocurrency history, Solana has achieved a groundbreaking milestone: surpassing $100 billion in monthly decentralized exchange (DEX) trading volume. According to Defi Llama, Solana’s DEX volume reached an impressive $109.73 billion in November 2024, eclipsing major competitors like Ethereum (ETH), Base (BASE), and Binance Smart Chain (BSC).
A Record-Breaking Month for Solana
This achievement marks a 50% surge from the previous month, where Solana recorded $52.49 billion in DEX trading volume. By comparison, Ethereum saw $55.4 billion in November, barely half of Solana’s total. Even when combining layer-2 networks like Arbitrum and Base with layer-1 BSC, the total DEX volume of $91.99 billion still fell short of Solana’s.
Meme Coins Fuel Solana’s Growth
Solana’s record-breaking performance coincides with a booming interest in meme coins like Peanut the Squirrel (PNUT), Goatseus Maximus (GOAT), DOGEN, and BONK. Analysts attribute this growth to the “meme coin frenzy” sweeping the market, with large investors shifting focus from established cryptocurrencies like Cardano (ADA) and Ripple (XRP) to emerging tokens.
Notably, DOGEN—a Solana-based meme coin—has captured investor attention, with analysts predicting a 700% surge before its pre-sale concludes. The rise of platforms like pump.fun has solidified Solana’s position as the go-to chain for meme coin activity.
Pump.fun Drives Memecoin Activity
Launched in January 2024, pump.fun has revolutionized meme coin trading on Solana, contributing $1.4 million in token fees and nearly $4 billion in trading volume over just 14 days. The platform now hosts over 500,000 Solana-based meme coins, demonstrating its influence in the DeFi space.
Looking Ahead
With this unprecedented growth, Solana is cementing itself as a leader in decentralized trading and innovation. As the crypto landscape continues to evolve, Solana’s momentum and thriving ecosystem suggest it will remain a dominant force for years to come.
