Solana’s DEX Volume Doubles in November, Fueled by Memecoin Surge and Growing DeFi Interest
Solana has seen a remarkable surge in decentralized exchange (DEX) activity this November, reaching over $109.8 billion in trading volume, marking a 100% increase from the previous month’s $52.5 billion.
This growth highlights Solana’s expanding influence in the market. Solana-based memecoin platforms like Raydium and Pump.fun also hit record highs in trading fees, with $71.5 million and $182 million, respectively. Solana’s DEX volume has now surpassed Ethereum’s, which stands at $55 billion.
The memecoin frenzy has been a major driver of Solana’s success. Tokens like Peanut (PNUT), which surged 2,000% since launch, and Dogwifhat, which briefly spiked to a six-month high after being listed on Coinbase, have contributed to the network’s rise.
READ MORE: WisdomTree Joins XRP ETF Race as Regulatory Shifts Loom
Solana’s native token, SOL, hit an all-time high of $264 before dropping slightly to below $240, gaining 41.17% over the past month and more than 300% since November 2023.
Solana’s growth is also driven by its low transaction fees, attracting more DeFi projects. The network processes over $53 million in daily transactions, far surpassing most Layer-1 blockchains. Additionally, the anticipation of a potential spot Solana exchange-traded fund (ETF) in 2025 has further fueled optimism.
Political factors, including the U.S. Presidential election and Elon Musk’s involvement in a new government department, have also contributed to the growing memecoin demand.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
