Solana has upended Ethereum in its 24-hour trading volume on the decentralized exchange as most of its meme coins jumped.
according to Davey’s CallThe Solana (SOL) DEX networks have handled over $845 million in the past 24 hours, bringing the weekly trading volume to $5.17 billion.
Ethereum (ETH) handled $747 million in the same period. Its weekly volume exceeded $6.4 billion. The other major chains were BNB Smart Chain and Arbitrum, which processed tokens worth $3.86 billion and $2.32 billion.
Orca has been the largest DEX in the Solana ecosystem for the past seven days, followed by Raydium and Phoenix.
Solana Summer
additional Data shows March was Solana’s best month as it handled $60 billion worth of cryptocurrencies during the month.
This was followed by July when it handled $56 billion worth of coins, with Ethereum processing $52 billion worth of coins.
Solana’s trading volume has been on the rise due to a strong comeback from some of its meme coins in the past few days. Popcat (POPCAT) is up more than 25% in the past seven days, making it the top 10 performing meme coin.
Dogwifhat (WIF) has surged over 9.4% in value during this period, pushing its market cap to over $1.72 billion. Cat In A Dogs World (MEW) has also surged 16.2% while Book of Meme has jumped 8.5%. In most cases, cryptocurrency volume increases when tokens are in an upward trend.
Another noteworthy news in Solana was the strong comeback of the NFT industry. Data by CryptoSlam Data shows that the total value of Solana’s NFTs has jumped more than 35% in the past seven days to $16.7 million.
The number of buyers increased by 153% to 220,000, while the most popular NFT collections were Sorare, DeGods, and Solana Monkey Business.
Solana has also been making headlines recently. Coinbase added Solana support for ckBTC while developers launched PlaySolana, a mobile gaming console.
Trading volume on Solana DEX and NFT exchanges has surged as SOL token rebounds. It has been up for the past six consecutive days, its highest level since August 27.
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