Trading Volume on Solana Network Increases by 54%, Reaches New ATH
In just one week, the trading volume on DEXs within the Solana ecosystem has exceeded $2 billion, and in the first three weeks of November 2023, it set a new record with a total volume surpassing $4.7 billion.
Information from Wu Blockchain indicates that the trading volume on decentralized exchanges (DEXs) within the Solana network has reached a new all-time high (ATH), increasing by 54% over the past week to hit $3 billion.
According to DeFiLlama, Solana DEX trading volume increased 54% in the past week to more than $3 billion, once again hitting a record high, with top DEXs Orca and Raydium both growing by more than 70%. Solana is currently the third largest chain in terms of weekly transaction…
— Wu Blockchain (@WuBlockchain) November 20, 2023
The trading volume of leading DEXs within the Solana ecosystem, such as Orca and Raydium, also saw an increase of more than 70%, propelling Solana to become the third highest volume chain (2.96 billion USD) for the week, trailing only Ethereum (9.87 billion USD) and Arbitrum (4.33 billion USD).
Image: Trading Volume Statistics of DEXs on Solana.
Source: @ilemi on Dune Analytics
Data from DeFiLlama reveals that the total trading volume of DEXs on Solana in the past week exceeded 2.9 billion USD, surpassing BSC Chain in terms of 24-hour trading volume.
Image: Solana Ecosystem Achieves Top 3 Trading Volume, Surpassing BSC Chain.
Screenshot taken at 10:00 AM on 20/11/2023
The token prices of leading DEXs within the Solana ecosystem, such as Raydium and Orca, have also surged by nearly 20% over the past seven days.
Image: ORCA Token Price Increase of Nearly 20% in the Past 7 Days.
Screenshot taken at 10:09 AM on 20/11/2023
Amidst this bustling network activity, Solana's memecoin project, Bonk (BONK), has also seen a substantial rise of nearly 100% in seven days, with a trading volume exceeding 103 million USD in just 24 hours. Notably, this project has surged 2477%, equivalent to 24 times, in the past month alone.
Image: BONK Token Price Increase of Over 2400%, Equivalent to 24 Times, in the Past Month.
Screenshot taken at 10:14 AM on 20/11/2023
In terms of price performance, Solana has outperformed other major coins, especially in recent times. SOL's increase over the month and year stands at 197% and 350%, respectively. At the time of writing, SOL is trading around 60 USD, bolstered by significant updates at Solana Breakpoint 2023 and praise from "stock queen" Cathie Wood. VanEck has projected that SOL could reach 3,211 USD by 2030.
Image: 1D Chart of SOL/USDT on Binance at 10:20 AM on 20/11/2023
