The meme coin frenzy is helping! Solana DEX monthly volume 'breaks through 100 billion US dollars for the first time'

According to DefiLlama data, since November, the total volume of Decentralizationexchange (DEX) on Solana has reached $109.8 billion, marking the first time that Solana DEX monthly volume has exceeded $1 billion, demonstrating explosive growth momentum.

Solana's DEX volume in November reached $109.8 billion, which is not only double the $52.5 billion from the previous month, but also far surpasses Ethereum Mainnet's $55.3 billion, firmly securing its leading position.

The meme coin craze and low transaction fees have helped drive trading volumes soaring.

Eden Au, research director of The Block, analyzed that the surge in volume is mainly due to the recent meme coin craze, as well as Solana's low transaction fees and user-friendly experience.

DefiLlama data shows that in November this year, two major trading platforms on Solana, pump.fun and Raydium, created a transaction fee revenue of $71.5 million and $182 million respectively, both setting new historical highs.

Eden Au predicts that Solana will continue to attract more retail investor users in the coming years. He pointed out:

As we may welcome a bull market in 2025, with Liquidity gradually withdrawing from the mainstream Cryptocurrency market, speculative retail investors seeking high returns will collectively flock to the meme coin market.

Active Address continues to soar, SOL price hits a new all-time high

Solana's user base is also steadily expanding. Data from The Block shows that Solana's monthly active Address count has reached 107.5 million, and if the rise trend continues, it is very likely to break the new high of 123 million set in October.

Meanwhile, the price of Solana's native coin SOL also experienced a big pump in line with the market trend, breaking through the historical high of 2021 last week and setting a new record of $263. Currently, SOL is priced at around $254, with a slight pullback but still maintaining its high range.

The meme coin frenzy has fueled a historic surge in Solana DEX monthly volume, surpassing $100 billion for the first time. This article was first published on Blocklike.