Solana, Base, Sui DEX volume lead as meme coins rebound

Crypto volume staged a strong comeback in centralized and decentralized exchanges as most coins bounced back. 

Solana, Base, and Sui’s volume soared

According to DeFi Llama data, DEX networks in Solana (SOL), Base, and Sui (SUI) led the recovery, rising by 40%, 20%, and 30%, respectively. 

Solana DEXes handled $7.13 billion in the last seven days while Base and Sui processed $3.92 billion and $597 million.

Still, the total volume handled in CEX and DEX networks in September was the lowest since February. DEX networks handled over $114 billion, down from $172 billion in the previous month. Ethereum, Solana, and BNB Smart Chain had the highest monthly volume.

CEX volume, on the other hand, handled $895 billion during the month, down from $1.2 trillion in the previous month. Binance had the most volume, followed by Bybit, OKX, and Coinbase.

The rebound in the last seven days was mostly because of the ongoing crypto rebound, with Bitcoin (BTC) rising to $66,000 and Ethereum (ETH) surging to $2,700. 

This rally was mostly because the Federal Reserve decided to start cutting interest rates and the Chinese government offered stimulus. They also rallied after Binance’s founder, Changpeng Zhao was released from prison.

$FLOKI, $SHIB, $PEPE, and $DOGE are trending simultaneously on X! 🔥

This surge in interest coincides with Binance founder Changpeng Zhao's release from prison, boosting the entire BNB ecosystem.

With CZ back in action, the #memecoin sector and $BNB projects might be entering a… pic.twitter.com/inKtpAvPoK

— FLOKI (@RealFlokiInu) September 28, 2024

Solana’s meme coins pumped

Solana’s jump happened as most meme coins in its ecosystem recovered.

Data by CoinGecko shows that Moo Deng’s (MOODENG) price surged by almost 700% in the last seven days, bringing its market cap to over $300 million. 

Mother Iggy (MOTHER), which is associated with Rapper Iggy Azalia, rose by 96%, pushing its valuation to over $112 million. Altogether, the market cap of all Pump.fun tokens jumped to over $1.06 billion, while the collected fees has jumped to over $148 million.

Meanwhile, Aerodrome, whose total value locked rose to over $1 billion for the first time, was the most active DEX network in Base, handling over $2.66 billion in volume in the last seven days. It was followed by PancakeSwap and Clober.

Cetus, DeepBook, Turbos, and Kriya were the leading DEX networks in Sui. The other top performers were BNB Chain, Arbitrum, Optimism, and Polygon.