Solana ($SOL) has seen a massive spike in on-chain trading activity this week, with volumes jumping 50% to reach an impressive $51 billion.
This surge has put Solana ahead of Ethereum ($ETH), which recorded $46 billion in trading volume during the same period.
A major driving force behind Solana’s growth is the rising popularity of memecoins. These speculative assets now account for 40% of all trading on Solana, with one memecoin in particular, pumpdotfun, dominating 35% of decentralized exchange (DEX) activity on the network.
$SOL’s on-chain trading volume skyrocketed 50% to hit $51 billion this week, outpacing $ETH’s $46 billion.
Memecoins are the big players here, powering 40% of Solana's trading, with pumpdotfun alone accounting for 35% of total DEX activity.
Solana is also leading the charge in… pic.twitter.com/wNxfFDLLpY
— Kyledoops (@kyledoops) October 16, 2024
Solana Emerged As Leader In Token Generation
In addition to the trading volume boom, Solana has emerged as a leader in token generation. The platform has captured an astounding 86% of the market share in token creation, a significant rise from 60%. Weekly token production on Solana has climbed to 110,000, further establishing its dominance in this area.
As the memecoin trend continues to gain traction, many are speculating that it could be the spark for an even bigger bull run on the Solana network. With memecoins playing an increasingly central role in Solana’s ecosystem, there is growing optimism that they might serve as the catalyst for a massive price surge in 2025.
Given the rapid expansion of both trading volumes and token generation on Solana, some analysts believe that the memecoin craze could be fueling the platform’s momentum heading into the next bullish market cycle.
Whether this will lead to a long-term rally for $SOL remains to be seen, but the current trends certainly point to the potential for significant growth in the coming years.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: alexandarilich/123RF // Image Effects by Colorcinch
