The cryptocurrency market’s bullish trend, coupled with the rise of meme coin listings, has significantly boosted trading activity within the Solana (SOL) ecosystem. Known for its speed and low transaction fees, Solana has experienced a remarkable surge in trading volumes.
Recent data reveals that Solana has overtaken BNB in market capitalization, becoming the fourth-largest cryptocurrency. According to DeFiLlama, Solana’s daily trading volume reached $7 billion on November 13, with weekly volumes climbing to an impressive $30 billion—marking a 123% increase. This growth is closely tied to the rising popularity of Solana-based meme coins, which have seen substantial price increases in recent weeks.
Decentralized Exchanges and Meme Coin Impact
Raydium, one of Solana’s largest decentralized exchanges (DEX), contributed significantly to the network’s trading activity, accounting for 62% of the total volume. It recorded $4.4 billion in daily trades and $19.65 billion weekly. Orca, another major DEX, followed with 22% of the total volume, posting $1.61 billion in daily and $6.51 billion in weekly trades.
This trading volume growth also reflects positively on SOL’s price, which has surged by 33% over the past week. The upward trend is supported by increasing market activity and the broader positive sentiment surrounding the crypto market.
Newly introduced meme coins like Peanut the Squirrel (PNUT) have played a pivotal role in driving this activity. PNUT, which quickly reached a $1 billion market cap and was listed on Binance, highlights the appeal of Solana’s fast and cost-efficient blockchain for high-volume transactions.
