Solana (SOL) has achieved a significant milestone by surpassing Ethereum (ETH) in terms of decentralized exchange (DEX) trading volume over the past week. According to DefiLlama, DEX volume on Solana soared to $10.1 billion over the last seven days, while Ethereum recorded $8.8 billion in volume during the same period.
Solana’s recent surge in DEX activity can be attributed to its lower gas fees compared to Ethereum, and rise of memecoin trading. The chain’s leading memecoin, BONK, dominated headlines after its meteoric rise to over a billion-dollar market capitalization, following Binance and Coinbase listings. Another Solana memecoin, Dogwifhat (WIF), has also captured attention, skyrocketing from obscurity to reach $322 million in market cap. BONK and WIF are among the top traded tokens on Solana DEXs over the past week, excluding stablecoins.
The success of these memecoins and heightened activity, coupled with major airdrops from protocols like Jito (JTO), have contributed to SOL’s impressive rally, with the token flipping XRP and reaching a new 2023 high of $99, according to CoinMarketCap data.
However, despite recent gains, SOL’s market cap currently sits just above $41 billion, while Ethereum remains has a market cap of $268 billion, more than seven times larger than Solana.
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