A significant surge in memecoin activity has pushed Solana (SOL) decentralized exchange (DEX) trading volume to an all-time high, according to the latest on-chain data.
According to blockchain analysis platform DefilamaSolana’s volume reached $3.802 billion on Saturday, the highest volume ever, surpassing the previous record set earlier this year.
Solana’s Total Value Locked (TVL) also showed a parabolic upward trend, rising to a high of $4.034 billion. TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to measure the health of a cryptocurrency ecosystem.
The increase in activity is mainly due to the success of several meme coins on Solana.
The newly launched meme coin Book of Meme (BOME), which was recently listed on Binance, recorded a trading volume of over $907 million in 24 hours, according to decentralized finance (DeFi) analytics platform Dexscreener.
Solana’s largest meme coin, Dog Wifat (WIF), recorded a volume of $568 million in 24 hours, while BONK, another dog-themed coin, recorded $359 million in the same period. .
Solana has launched countless other coins with much lower market caps, contributing to the spike in DEX volumes.
according to data According to CoinGecko, Solana-based decentralized exchange aggregator Jupiter (JUP) recorded more trading volume than Ethereum (ETH)’s Uniswap (UNI) V3 in the past 24 hours.
Jupiter’s native token, JUP, is up 143% in the last month, and Solana itself is up 58% over the same period.
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