Solana’s decentralized exchanges (DEXs) have experienced a remarkable surge in trading volumes, outperforming some of the leading platforms like Uniswap and PancakeSwap. This surge is primarily driven by the meteoric rise of meme coins, particularly Slerf, within the Solana ecosystem.
According to data from CoinGecko, Solana-based DEXs Raydium, Jupiter, and Orca secured the top three spots for daily transaction activity across all indexed on-chain swapping venues. Raydium recorded a staggering $2.2 billion in trading volume, followed by Jupiter at $2.1 billion and Orca at $1.4 billion, surpassing the $1.2 billion and $682 million recorded by Uniswap and PancakeSwap, respectively.
The meme coin Slerf played a pivotal role in fueling this surge, raising a staggering $10 million in SOL during its pre-sale round from speculators and early investors. Despite initial hiccups, Slerf’s market capitalization skyrocketed from $1.5 million to nearly $1 billion, generating immense hype and garnering multiple centralized exchange listings. Remarkably, traders swapped over $2 billion worth of the meme coin within its first 12 hours of trading.
This trend of raising millions in SOL within hours of a pre-sale announcement is becoming increasingly common within the Solana ecosystem. Projects like the NFT collection Milady wif hat, inspired by the viral meme play Dogwifhat, have attracted significant investments, further driving the frenzy. The sustained interest in Solana’s ecosystem has also benefitted the SOL token, which has increased by over 35% in the past week, trading above $200.
