{"id":214866,"date":"2023-12-18T18:09:21","date_gmt":"2023-12-18T12:39:21","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=214866"},"modified":"2023-12-18T18:09:21","modified_gmt":"2023-12-18T12:39:21","slug":"solana-dexs-momentarily-outpace-ethereum-amid-surge-in-memecoin-stablecoin-activity-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/solana-dexs-momentarily-outpace-ethereum-amid-surge-in-memecoin-stablecoin-activity-crypto-news\/","title":{"rendered":"Solana DEXs momentarily outpace Ethereum amid surge in memecoin, stablecoin activity – Crypto News"},"content":{"rendered":"
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On Dec. 16, the trading volume of decentralized exchanges (DEX<\/a>) on Solana briefly flipped that of Ethereum for the first time amid the continued growth of the smart-contract-enabled blockchain ecosystem.<\/p>\n

Data from DeFillama shows that the trading volume of DEXs on the blockchain reached $1.536 billion, while Ethereum stood at only $1.164 billion during the period.<\/p>\n

Several community members hailed the development, with Solana\u2019s co-founder Anatoly Yakovenko saying<\/a>:<\/p>\n

\n

\u201cI am just pacing around the house and saying whoa over and over at this point.\u201d<\/p>\n<\/blockquote>\n

Meanwhile, Ethereum\u2019s daily volume has since returned to its dominant position, with $945 million recorded during the past day, while that of Solana stood at $940 million as of press time.<\/p>\n

However, the brief flipping of Dec. 16 indicates the robust growth<\/a> and widespread adoption of Solana\u2019s decentralized finance (DeFi) ecosystem among crypto enthusiasts.<\/p>\n

As it stands, DEX volume on the blockchain is on course to exceed $10 billion for December, making it the most prolific month on record for the network, per DeFillama data<\/a>.<\/p>\n

Bonk, USDC driving Solana volume<\/h2>\n

CryptoSlate\u2019s<\/em> analysis of the Orca exchange\u2019s volume, the largest Solana-based DEX, showed that a significant portion of these trading activities came from the USD Coin (USDC) stablecoin and the Bonk memecoin.<\/p>\n

BONK is the first dog-themed coin on Solana, bringing renewed attention and interest to the blockchain network. CryptoSlate<\/em> reported<\/a> that the digital asset added more than $1 billion to its market capitalization within a day last week, making it\u00a0the third-largest\u00a0memecoin by market capitalization<\/a>, behind only Dogecoin<\/a>\u00a0and\u00a0Shiba Inu<\/a>.<\/p>\n

Interest in the meme asset also resulted in\u00a0Solana\u2019s blockchain-enabled Saga smartphones selling out<\/a> over the weekend. Reports have revealed that the secondary sales<\/a> of these phones on eBay were going for as much as $5,000.<\/span><\/p>\n

On the other hand, Circle\u2019s CEO Jeremy Allaire previously revealed<\/a> that 90% of all stablecoin transaction volume on Solana was USDC. USDC is the second-largest stablecoin by market capitalization.<\/p>\n

Meanwhile, Helium\u2019s MOBILE token is another asset enjoying widespread attention<\/a> from the Solana community. Trading in the asset has increased more than 70% during the past day, with its price rising 71% to $0.006621<\/span> as of press time.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

On Dec. 16, the trading volume of decentralized exchanges (DEX) on Solana briefly flipped that of Ethereum for the first time amid the continued growth of the smart-contract-enabled blockchain ecosystem. Data from DeFillama shows that the trading volume of DEXs on the blockchain reached $1.536 billion, while Ethereum stood at only $1.164 billion during the […]<\/p>\n","protected":false},"author":2,"featured_media":214867,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-214866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/214866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=214866"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/214866\/revisions"}],"predecessor-version":[{"id":214869,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/214866\/revisions\/214869"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/214867"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=214866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=214866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=214866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}