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While the overall market seemed to be in a slowdown in recent weeks, trading volumes for decentralized exchanges (DEXs) on the Solana, Base, and Sui networks have increased significantly. This unexpected resurgence is partially fueled by meme coin performance and general optimism surrounding global economic decisions. At a time when every decision by a major financial institution can cause ripples, this increase has caught the attention of smart observers.
Solana, Bass, Sui: Unexpected leaders in DEX volume growth
According to some data, Solana, Base, and Sui decentralized platforms have seen their trading volumes increase by 40%, 20%, and 30%, respectively, in the past 7 days. In fact, Solana alone handled $7.13 billion, followed by Base with $3.92 billion and Sui with $597 million. These figures come in the context of a decline in overall DEX trading volume in September, hitting its lowest level since February at just $114 billion compared to $172 billion the previous month. Even more important. Ethereum, Solana, and BNB Smart Chain share the majority of transactions on DEX, confirming its status as an essential platform for decentralized exchanges.
This sudden increase in trading volume is closely related to the overall recovery of the crypto market supported by external economic factors. Bitcoin rebounded to $66,000 on Friday, September 27, 2024, and Ethereum crossed the $2,700 threshold on the same day. This resurgence in activity coincides with major macroeconomic events, including the US Federal Reserve's decision to cut interest rates and the launch of support measures by the Chinese government. Therefore, this combination has increased investor appetite for digital assets and decentralized trading platforms, giving new impetus to the market.
Role of meme coins in reviving trading volume
One of the fundamental reasons why the trading volume of DEXs, especially Solana, is soaring is the rise of meme coins. Among the notable examples, Moo Deng (MOODENG)'s price soared 700% in one week, pushing its market cap to over $300 million. At the same time, MOTHER, a token associated with rapper Iggy Azalea, rose 96%, reaching a valuation of $112 million. The resurgence of meme tokens on Solana led to a significant increase in the Pump.fun token ecosystem, with total capitalization exceeding $1 billion and fees collected reaching $148 million.
Solana isn't the only beneficiary of this resurgence, however. At Base, the Aerodrome platform has solidified its position as the most active DEX, with trading volume exceeding $2.66 billion. Other platforms such as PancakeSwap and Clober also recorded solid performance. In Sui, DEXs Cetus, DeepBook, Turbos, and Kriya are dominating the market, thereby strengthening their position in this emerging blockchain. Although meme coins are often considered speculative assets, they play an important role in the current dynamics of cryptocurrency trading.
The recovery in trading volumes for Solana, Base, and Sui DEXs, partially driven by meme coins and favorable economic conditions, demonstrates the ability of these platforms to attract investors even in uncertain times. However, this recovery remains fragile. The inherent volatility of crypto markets, combined with global economic uncertainty, could once again reshape the crypto ecosystem.
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Toulouse Scientific Diploma and Certification Consultant Alila Blockchain Exam Rejoined in 2019 Coin Tribune. Examining the potential of blockchain in the field of economics, and the relationship between public sensibilities and information providers that will bring about a certain evolution of the social system for learning economics. The month is about understanding blockchain and its opportunities. Analyze the purpose of reality, decipher trends in Marche, analyze innovative technologies and perspectives, and analyze social revolution in Marche.
Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
