Solana Threatens To Unseat Ethereum In Trade Volume

Solana, the blockchain platform launched in 2020, has achieved a significant milestone, trailing Ethereum in 24-hour decentralized exchange (DEX) volume. This historic accomplishment has garnered widespread attention from crypto leaders and enthusiasts alike, signaling a notable shift in the dynamics of decentralized finance (DeFi).

As the news reverberates through the crypto space, additional elements of Solana’s success come to light. The celebration extends beyond DEX volume triumphs, with the entire Saga Mobile inventory selling out.

This unexpected surge in demand underscores the growing popularity of Solana-based projects. Furthermore, the meme coin BONK, associated with the ecosystem, has broken multiple records, adding a touch of exuberance to the community’s festivities.

Solana Trails Closely Behind Ethereum

For the first time ever, Solana is inching closer to dethrone Ethereum in total decentralized exchange (DEX) volume over the last day, according to data from DefiLlama.

The data shows that Ethereum has accumulated $945 million in a single day, whereas Solana has had an astounding surge of $940 million, in second spot. As of this writing, Solana’s weekly change was 37.10%, whereas Ethereum had a decrease of more than 4%.

SOL new record trading volume. Source: DefiLlama

Solana has been growing at an impressive rate this year; earlier this month, it overtook Ethereum in the NFT sales figure. The digital currency achieved this run at a time when its future appeared unstable after the implosion of FTX and the attendant SOL sell-offs, while having the biggest growth margin among the top 15 cryptocurrencies year-to-date.

SOL trails ETH by a close margin. Source: DefiLlama

A multitude of factors played a role in reaching this significant milestone. It includes significant purchases of Solana Mobile, high trading volumes on the dog-themed joke coin BONK, and optimistic views about the Solana ecosystem.

Many have referred to this outstanding accomplishment as a rare occurrence, and Anatoly Yakovenko, the founder of Solana, expressed his surprise at reaching the enormous milestone.

SOL market cap currently at $29 billion. Chart:

Positive Achievements

The announcement of Solana’s sale of Saga Mobile is a “huge day for Solana,” according to Circle CEO Jeremy Allaire.

Raj Gokal of Solana responded to these achievements by remarking, “Incredible milestone. 6 years in, just getting started!”

CoinMarketCap data shows that BONK surpassed expectations with a spectacular gain, displaying an exponential leap of 100% within 24 hours.

The coin’s entry onto major exchanges coincided with this exponential escalation, which excited investors wanting to experience the exhilarating rollercoaster ride.

Meanwhile, a sell-off is causing Solana’s price to startlingly buckle under its own weight. As of this writing, CoinMarketCap data shows that Solana is trading at $74, a 5.65% decrease in value.

Featured image from Pixabay

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