So far in November, the trading volume of the cryptocurrency Solana (SOL) on decentralized exchange platforms (DEX) has exceeded $100 billion for the first time, setting a new milestone for this network and digital currency. According to data from DefiLlama, the fourth largest cryptocurrency on the market records a total of USD 116,591 million in DEX trading volume as of November 25, nearly doubling monthly Ethereum mainnet volumewhich is USD 61,000 million. This data reflects a significant increase by Solana of more than 100% compared to October's volume, which was USD 52.5 billion.
The solana trading volume on DEX already exceeds $116 billion. Source: DeFiLlama. This increase in trading volume coincides with the recent rise in the price of solana, which surpassed its historical maximum, reaching and surpassing the $260 barrier, as reported by BitcoinDynamic. Furthermore, solana (SOL) has broken market capitalization records and is emerging as Ethereum's main competitor in this bullish cycle of the bitcoin and cryptocurrency market. Researcher and analyst Eden Au attributes this increase in SOL trading volume on decentralized exchanges to the enthusiasm for memecoins, coupled with Solana's low transaction fees and ease of use. Au predicts that Solana will continue to attract more retail users in the coming year. In his opinion, the combination of its efficient infrastructure and the upward trend of the market could lead to greater interest and participation in this networkespecially among those seeking quick, high-yield investment opportunities in the memecoin ecosystem. “As we likely enter a bull market in 2025, retail speculators seeking higher returns will flock to the memecoin space as liquidity trickles down from the main cryptocurrency market,” Au said. This increase in Solana usage and valuation not only highlights the competition within the cryptocurrency space, but also underscores the market's evolution toward platforms that offer advanced functionality at lower cost and greater accessibility.
This article was created using artificial intelligence and edited by a human Editor.