Summary
TLDR: Trading volume on Solana DEXs hit an all-time high of $58.4 billion in March, driven by meme coin frenzy. Top meme coins like Dogwifhat and Bonk saw significant trading, along with new coins like Book of Meme and Slerf. Solana DEX Orca leads the rally, with Jupiter benefiting from the surge. However, SOL’s price is down in April despite the meme coin craze.
Key Points
1. Trading volume across Solana decentralized exchanges (DEXs) reached a new monthly all-time high mark after topping $58.4 billion in March, according to data from DeFiLlama.
2. Solana DEX Orca has dominated the space lately, leading the rally with $3.6 billion in trading volume in the last seven days, followed by Raydium with $1.73 billion and Phoenix with $1.6 billion.
3. Jupiter, a decentralized exchange aggregator on Solana, has been a big beneficiary from the surge in activity, with its native token JUP currently priced at $1.66, up 24.9% for the week, according to CoinGecko.