Solana Labs co-founder took a friendly stance on Ethereum volume after Sol DEX reached $50 billion in trade value. According to data released on Saturday, Sol DEX’s trading volume is now on par with Ethereum DEX as a surge in trading spurred trading volume. This is against the backdrop of the recent trend of significant expansion of the cryptocurrency market.
SOL DEX trading volume hits record high
Solana (SOL) blockchain DEX volume is currently at an all-time high. This increase is in line with the recent trend of the cryptocurrency market expanding significantly in a short period of time. This spike was also due to last week's data showing Solana's weekly DEX trading volume of over $13.3 billion. Current trading volume reaches $50 billion. This achievement shows the growing importance of blockchain in the decentralized finance (DeFi) industry.
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In addition to this surge in DEX volume, the value of several Solana-based meme coins has also increased significantly. Over the past week, several coins have been gaining attention and appreciation, including Bonk and Dogwifhat (WIF). Moreover, since being listed on the cryptocurrency platform Binance, Book of Memes ($BOME) has seen significant gains, rising over 250%. These developments therefore suggest a deeper understanding of memetic currencies and their perceptions in the crypto community.
Solana VS Ethereum: Which will maintain the balance?
The Solana vs. Ethereum debate has always played a central role among cryptocurrency competitors. However, recent community support for each other may indicate that blockchain technology may look to each other for support rather than competing for market capitalization. A great example of this was Anatoly Yakovenko's tweet today. Anatoly Yakovenko, co-founder of Solana, said that the market value of Ethereum has not decreased, but that the market value of Solana has increased.
This comes after he recently expressed serious concerns about the Securities and Exchange Commission's (SEC) increased focus on Ethereum. Although not officially confirmed, reports have surfaced indicating that the SEC may consider designating Ethereum (ETH) as a security. This move sparked a huge debate within the cryptocurrency industry.
The recent success of blockchain can be largely attributed to the meme coin mania that took over the Solana network. The high trading volume of these tokens has increased activity and liquidity across Solana's trading system. As these meme currencies continue to gain momentum, in addition to increasing transaction volumes, Solana's features and products are also attracting new customers. This path is consistent with a broader market rally driven by Bitcoin's new all-time high and an unexpected surge in interest in meme coins in March.
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