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 Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
