Solana (SOL) marked a significant achievement by surpassing Ethereum (ETH) in decentralized exchange (DEX) trading volume within the last week. DefiLlama reported Solana’s DEX volume at $10.1 billion, outpacing Ethereum, which recorded $8.8 billion during the same period.
The surge in Solana’s DEX activity owes itself to lower gas fees compared to Ethereum, alongside the increasing prominence of memecoin trading. Memecoins like BONK and Dogwifhat (WIF) garnered attention after remarkable market cap gains, notably BONK’s meteoric rise post-listing on Binance and Coinbase. Both tokens have been among the most traded on Solana DEXs, excluding stablecoins.
These memecoins’ success and heightened trading activity, coupled with substantial airdrops from protocols like Jito (JTO), have fueled SOL’s impressive rally. Solana surged to a new high of $99, flipping XRP, according to CoinMarketCap’s 2023 data.
However, SOL’s current market cap hovers around $41 billion, while Ethereum maintains a significantly larger market cap of $268 billion, remaining over seven times larger than Solana despite its recent gains.
