Solana’s decentralized exchange (DEX) trading volume has crossed the $100 billion mark for the first time, signaling a major milestone for the platform.
According to data from DeFiLlama, the Solana network has recorded a total of $109.8 billion in DEX trade volume through November.
With a staggering $100 billion in monthly DEX volume, Solana’s record-breaking DEX volume has surpassed Ethereum’s monthly total by nearly 100%, up from $52.5 billion in October.
Solana’s Explosive Growth
As of press time, Solana’s price stands at $241.28, reflecting a significant 43% increase over the past month, according to CoinMarketCap data.
Experts believe that SOL’s price surge and DEX volume growth can be attributed to the rising popularity of memecoins, which has been driven by the launch of innovative platforms like Pump.fun and Raydium DEX.
Additional data from DeFiLlama revealed that the two platforms achieved unprecedented success in November, posting record highs in trading volume of $71.5 million and $182 million, respectively.
Solana’s competitive transaction fees and user-friendly interface have also created an ideal environment for memecoin adoption and growth.
Last week, on November 19, Solana’s daily transaction fees skyrocketed to $11.84 million, setting a new record.
This surge, as with its recent DEX volume, was fueled by heightened memecoin activity, contributing to the network’s revenue of $5.92 million. Notably, Raydium, Solana’s leading DEX, experienced substantial fee growth, accumulating $15 million over two consecutive days, with daily revenue reaching approximately $1 million.
Will Solana’s Recent Gains Spark a Full-Blown Bull Run?
In October, Geoffrey Kendrick, Global Head of Digital Assets Research at the British multinational bank Standard Chartered, predicted that Solana could outperform Bitcoin and Ethereum and increase by 5X by the end of 2025 if Donald Trump wins the United States presidential election.
Given the impressive performance of Solana’s network in recent times, it appears that Geoffrey Kendrick’s prediction may indeed materialize, paving the way for a significant bull run in 2025.
An additional factor that may significantly contribute to the realization of Kendrick’s Solana prediction is the fact that the U.S. Securities and Exchange Commission (SEC) is already processing the S-1 applications that about three US-based asset managers have submitted, filing for a spot Solana exchange-traded fund (ETF).
