Solana

Uniswap

Block

Base

Due to the ongoing meme coin frenzy, DEXs on the Solana network have taken up the majority of trading volume over the past 24 hours. 
According to CoinGecko, Solana-based decentralized exchanges (<a href="https://crypto.news/tag/dex/" target="_blank" rel="">DEXs</a>) accounted for most trading volume over the past 24 hours. The top three were Raydium, Jupiter, and Orca. Raydium’s volume in the last 24 hours was $2.2 billion, almost double that of <a href="https://crypto.news/tag/Uniswap/" target="_blank" rel="">Uniswap</a> V3 on <a href="https://crypto.news/tag/Ethereum/" target="_blank" rel="">Ethereum</a>. 
Weekly DEX volume on Solana has been increasing relative to Ethereum for nearly four months. Currently, the weekly DEX volume on Solana divided by the weekly DEX volume on Ethereum is 29.4%, down from 10.7% at the beginning of December 2023. 
 You might also like: <a href="https://crypto.news/solana-network-plagued-by-bot-spams-record-number-of-transactions-fail/" rel=""> Solana network plagued by bot spams, record number of transactions fail </a> 
In addition, the number of new tokens on the <a href="https://crypto.news/tag/Base/" target="_blank" rel="">Base</a> and <a href="https://crypto.news/tag/Solana/" target="_blank" rel="">Solana</a> networks has increased sharply in recent months. According to The Block, Base accounted for over half of all listed tokens on DEXs at the beginning of April. At the same time, Solana accounted for about 16,000 new tokens. On April 8, the number of new DEX tokens on Base was around 1,010 against a total of 1,650, one of the most significant shares. 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14264152"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/04/Screenshot-2024-04-08-at-18.41.11-1024x775.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="775" src="https://crypto.news/app/uploads/2024/04/Screenshot-2024-04-08-at-18.41.11-1024x775.png" alt="Solana, Base account for most DEX listings amid meme coin craze - 12"> 
 </picture> 
 <figcaption class="wp-element-caption">
 Source: The Block
 </figcaption>
</figure> 
Interest in Base and Solana has been growing since December 2023, primarily due to the excitement surrounding the emergence of many meme coins. Thousands of new tokens appear on Solana every day, the price of some of which is inflated by speculators several times over. 
Solana’s low fees have made it the premier blockchain for launching meme coins. Users typically need to download a Solana-enabled <a href="https://crypto.news/tag/wallet/" target="_blank" rel="">wallet</a> and use the <a href="https://crypto.news/price/Solana/" target="_blank" rel="">SOL</a> token for transactions. Amid the popularity of meme coins, the price of SOL almost doubled at the beginning of the year, exceeding the $200 mark for the first time since the end of 2021. 
 You might also like: <a href="https://crypto.news/ethereums-buterin-slams-solanas-racist-meme-coins-urges-better-projects/" rel=""> Ethereum’s Buterin slams Solana’s racist meme coins, urges better projects </a>

Solana, Base account for most DEX listings amid meme coin craze

crypto.news

Other articles published on Apr 8, 2024

Cathie Wood: US Crypto Industry Suffers From 'Brain Drain,' Praises Hong Kong's Regulatory Approa...

MicroStrategy Positions To Capitalize On Upcoming Bitcoin Halving: Analyst

With BTC Holders Offloading, American Investors Turn to Bitbot’s ICO

These 3 Cryptos Poised for Unstoppable 2024 Offer a Lucky Chance for Early Investors

Binance: All the factors that helped BNB find its footing in 2024

Bitget Lists SAGA: Empowering the Next Wave of Blockchain Innovation

Join our free newsletter for daily crypto updates!