Solana DEX volumes reach record levels amid meme coins surge

Meme coins on the Solana blockchain brought the volumes of ecosystem decentralized exchanges to record levels.

Trading volumes on the Solana network jumped 117% over the past week, reaching $15.82 billion for the week, according to DefiLlama. Meanwhile, over the past 24 hours, the total decentralized exchange (DEX) volumes on Solana amounted to $2.57 billion, exceeding the performance of platforms on Ethereum with $2.31 billion in 24 hours. Solana now accounts for almost 29% of the total volume on the DEX.

Over the past 24 hours, four meme coins have become top gainers – Floki (FLOKI), THORChain (RUNE), Pepe (PEPE), and dogwifhat (WIF). FLOKI was the day’s leader, rising 58%, according to CoinMarketCap. The rest of the coins rose in the range from 13% to 16%.

The excitement in the Solana network also led to an increase in the rate of the native token of the SOL blockchain. The coin rate exceeded $150 for the first time since January 2022.

The trigger for the start of an increase in the price of meme cryptocurrencies could be the rise in quotes of the PEPE token after Binance, the leading cryptocurrency exchange, launched a promotion with the opportunity to receive PEPE tokens as a reward at the end of February.

The growth of meme coins also coincided with another wave of Dogecoin’s (DOGE) popularity, which almost doubled in price in one week. Dogecoin‘s asset capitalization has reached $24 billion, making it among the top ten leaders in terms of market capitalization.