Solana Shockingly Flips Ethereum In DEX Volume

Dec. 16, 2023
Solana Shockingly Flips Ethereum In DEX Volume

Solana, the proof-of-stake (PoS) blockchain established by Solana Labs in 2018, has surpassed the Ethereum (ETH) network in DEX volume for the first time in history. The data from DefiLlama revealed that Solana has experienced an impressive surge of $1.536 billion in 24 hours, while Ethereum has amassed only $1.164 billion.

The weekly change in Solana comes in at 54.21% at the time of writing, while Ethereum saw a decline of over 8%. This impressive turnaround was marked by many as a rare event, with Solana founder Anatoly Yakovenko acknowledging his disbelief at the huge milestone. 

Solana DEX volume

Several factors contributed to the achievement of the milestone. It includes huge trading volumes on Solana-based dog-themed meme coin Bonk, massive buying of Solana Mobile, and bullish sentiment on the SOL ecosystem. 

Jeremy Allaire, Circle’s CEO, acknowledged this achievement, labeling it a “big day for Solana” as it overtakes Ethereum, coinciding with the complete sellout of Saga Mobile. Solana’s Raj Gokal also expressed excitement, saying, “Incredible milestone. Six years in, just getting started!” Moreover, Anatoly Yakovenko agrees that Solana is better than Ethereum, and he credits developers for Solana’s success.

SOL has demonstrated a comprehensive growth trajectory this year, as it previously exceeded Ethereum in NFT sales statistics. Despite the uncertainty caused by the collapse of FTX, it still managed to record the highest growth rate among the top 15 cryptocurrencies in the year-to-date period.

SOL And BONK Price Action Amid Bullish News

The price of SOL rose 15% in a month and hit a high of $79.15. Currently trading at $75, SOL’s 24-hour low and high stand at $71.56 and $79.15, respectively. Although the trading volume dropped a bit to $1,840,546,027 in the last 24 hours, there’s still clear interest from traders.

Meanwhile, BONK, a meme coin on the SOL network, has experienced a 22% drop in the last 24 hours following a remarkable 1000% rally in the previous month. Currently trading at $0.0000231, BONK’s 24-hour low and high stand at $0.0000220 and $0.0000315, respectively. Despite the recent drop in price, trading volume has continued to increase over the past 24 hours. Binance, Coinbase, and other exchanges listed BONK this week, with experts suggesting further increases in BONK’s price.

Syed Ali Haider

Researcher & Editor
Ali Haider is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years.