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Solana $2.5B DEX Volume Plummets, Winners & Losers Revealed

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  • Solana DEX trading volume hit a low of $2.517 billion on February 16th, a significant drop.
  • Raydium and Orca DEX volumes plummet, while Meteora sees an 18.65% increase.
  • SOL approaches the critical support zone between $160 and $120, a break could lead to $96-$84.

Solana’s decentralized exchange (DEX) ecosystem has been on a significant downturn in trading activity. Data from DeFiLlama shows that on February 16th, the total trading volume on SOL DEXs hit over $2.5 billion, lowest so far since mid-December of 2024. This continuous downward trend indicates a potential decrease in user engagement and liquidity and is a worrying trend for Solana’s DeFi sector.

Diving deep at individual DEX performance reveals a mixed result. Raydium and Orca, two leading Solana-based DEXs, have recorded substantial declines in trading volume over the past week, with drops of 39.16% and 41.42%, respectively.

Amidst the struggles of these platforms, others continue to thrive. For instance, Meteora, another DEX on the Solana network, has defied the market odds to post an 18.65% increase in trading volume. Such varying results showcase the dynamic nature of the DeFi landscape.

Solana’s Price at Crucial Juncture, $120 Support in Focus

In terms of price, Solana’s native token, SOL is nearing a crucial support zone between $160 and $120. Analysts believe that SOL’s ability to hold within this range will determine its short-term trajectory. A sustained period of consolidation within this zone would signal continued support and potentially pave the way for a recovery.

Solana
Source: BB Crypto

However, a break below this key support zone could lead to a more significant price correction. Analysts caution that if SOL breaches the $120 level, the next potential support area lies between $96 and $84. Any failure to hold above this zone could trigger further downward pressure and the possibility of a prolonged bearish trend. Traders are advised to exercise caution and closely monitor SOL’s price action as it approaches this critical juncture.

The combination of declining DEX volumes and a looming price test creates a challenging environment for Solana. The coming days will be crucial in determining whether the network can regain its momentum or if it faces a deeper correction.

Unstoppable Memecoin Surge: Solana Trading Bots Earn $750M in 2024

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  1. Solana DEXs, led by Raydium, earned $1.7 billion in 2024, highlighting their dominance in Memecoin trading fees.
  2. The Memecoin market surged, with its capitalization exceeding $100 billion, outshining Bitcoin and Ethereum.
  3. “Whale players” dominated, accounting for over 90% of fees, with one address spending $129 million.

In 2024, Solana cemented its position as the leading blockchain for Memecoin trading, generating over $3 billion in fees. Meanwhile, decentralized exchanges like Raydium saw the action and emerged to become major beneficiaries, raking up a total of $1.7 billion, of which Raydium contributed 80%.

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Source: AiCoin

Trading BOTs, led by Photon, reached $750 million, while the provider of priority trading Jito and the token issuance platform Pump.fun raised $340 million and $240 million, respectively. The Memecoin market also saw unprecedented growth, its capitalization having grown from $20 billion in 2023 to more than $100 billion in 2024.

This sudden surge sealed its dominance over mainstream cryptocurrencies such as Bitcoin and Ethereum. Whale players contributed a lot to this, as shown in the AiCoin report: their transaction fees fueled the robust ecosystem of Solana and enabled the building of platforms like Raydium.

Whale Players Drive Memecoin Market

A deep dive into some 4 million Solana addresses showed whale players, or the top 10% of the users, accounted for more than 90% of the trading fees of Memecoin. For such high rollers, the average annual outlay on fees reached $13,000, while the single largest spender, MfDuWe, paid an astonishing $129 million in fees on Raydium alone.

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Source: AiCoin

The report pointed out that there was huge concentration in wealth, with the top 1% of the users taking to as high as 67.46% of the total fees. This pattern showed that high-spending users drive the market when it comes to Memecoin. Other platforms like Jito and Pump.fun also received significant fee contributions, but this happened on a lower scale compared to Raydium.

Emerging Trends in Memecoin Infrastructure

Raydium dominated when it come to the share of users, 89.27% of Solana addresses interacted with it. The other popular dApps in terms of the share of users include such trading bots as Photon, Trojan, and Bullx that again proved their attractiveness for novice and regular users. Large volume traders preferred manual operations or premium tools such as Photon, which offer great precision.

The Memecoin trading frenzy further diversified the user landscape, where newcomers try their luck on various platforms while whales show strong preferences for stability and liquidity. Such dynamics create a very thriving ecosystem, placing Solana and its platforms as key beneficiaries of the Memecoin boom.

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Raydium Outpaces Uniswap: Dominates Solana’s DEX Market with $124.6 Billion

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Key Takeaways

  • Raydium has surpassed Uniswap in trading volume for two consecutive months.
  • Memecoin trading has become a major driver, accounting for 65% of Raydium’s trading volume.
  • Solana’s growing dominance in DEX trading has propelled Raydium’s success.

Raydium, the largest DEX on Solana, which has been stealing the limelight of the DeFi space. The DEX has outshone Uniswap-the most popular Ethereum-based DEX-by monthly trading volume for two months in a row. In November 2024, its volume reached $124.6 billion, approximately 30% higher than that of Uniswap.

According to the report from Messari, a massive 65% of that came from the fast-rising trend of memecoin trading, extending its lead in the niche market. This reflects a larger trend in DEX, with Solana currently at almost 50% of the total DEX volume on chains-considerably larger in comparison with Ethereum’s 18%.

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Source: Messari

Solana’s Ecosystem: A Boost for Raydium

Many ups and downs in the network’s operations have been closely connected with changes in the generally rapid overall growth of the Solana ecosystem. Its daily average trading volume repeatedly outdid that of competitor Orca after March this year, securing Raydium as number one atop Solana by derivatives volume.

By November, it was processing more than 60% of daily DEX volume on the Solana network, cementing its leading position. The strong performance of Solana in the broader DeFi market has only enhanced this dominance, with Solana surpassing Ethereum in weekly DEX volumes starting in late 2023.

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Source: Messari

High throughput, low transaction fees, and greater liquidity have mutually combined to make Solana an attractive destination for migrants from other blockchains into its ecosystem, hence leading to the rise of some Solana-based DEXs.

Memecoin Mania and Technical Advancements

The recent frenzy in memecoin trading has been a game-changer for Raydium. In the month following the U.S. presidential election last November, daily memecoin trading on the platform swelled to almost $2 billion—nearly three times the average of the previous month.

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Source: Messari

This boom places memecoin trading as the very centerpiece of Raydium’s success, contributing to as high as 65% of the total volumes. Add in the integration of memecoin launchpad Pump.fun, and growth really finds steam.

As tokens on Pump.fun hit hard market caps, adding more liquidity in AMM pools on Raydium, there would always be something new within the pipelining of traders. Additionally, Raydium V3 has truly acted to serve users at its front-end interface in managing one’s portfolio and watching over a pool’s liquidity.

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Solana’s Summer Boom: Raydium, Pump.Fun, and Jito Set Records

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Solana’s еcosystеm hаs bееn еxpеriеncing а blockbustеr summеr, fuеlеd by а surgе in on-chаin аctivity.  Trаnsаction volumе hаs skyrockеtеd, with dаily аctivе аddrеssеs surpаssing thе 2 million mаrk (bаsеd on а 7-dаy moving аvеrаgе), аccording to Thе Block’s dаtа dаshboаrd.

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This usеr influx cаn bе lаrgеly аttributеd to thе succеss of sеvеrаl kеy dеcеntrаlizеd аpplicаtions (dApps), such аs Rаydium, Pump.Fun, аnd Jito. Rаydium, а lеаding dеcеntrаlizеd еxchаngе (DEX) on Solana, hаs еmеrgеd аs thе nеtwork’s top fее gеnеrаtor. In July, it procеssеd а stаggеring $30 billion in trаding volumе, solidifying its position аs thе sеcond-lаrgеst DEX globаlly, trаiling only Uniswаp. 

This imprеssivе fеаt trаnslаtеd into significаnt rеvеnuе gеnеrаtion, with Rаydium rаking in ovеr $65 million in fееs in July – а substаntiаl jump from $33 million thе prеvious month (Dаtа providеd by DеFiLlаmа).

Solana’s Memecoin Surge

Riding thе wаvе of thе mеmеcoin crаzе, Pump.Fun hаs bеcomе аn undеniаblе forcе on Solana. Thе plаtform’s usеr-friеndly intеrfаcе, couplеd with Solаnа’s low trаnsаction fееs, hаs fаcilitаtеd thе crеаtion of а stаggеring 1.5 million mеmеcoins sincе its lаunch in Mаrch 2024. 

Thеsе tokеns covеr а divеrsе spеctrum, еncompаssing thеmеs from pop culturе pеrsonаlitiеs to politicаl figurеs. Pump.Fun cаpitаlizеd on this trеnd, gеnеrаting ovеr $28 million in fееs in July – its highеst monthly rеvеnuе to dаtе.

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Jito hаs cаrvеd а nichе аs thе lеаding Mаximаl Extrаctаblе Vаluе (MEV) protocol on Solana. Its uniquе sеlling proposition liеs in its off-chаin blockspаcе аuction systеm, аllowing trаdеrs to submit bids on trаnsаction bundlеs. This innovаtivе аpproаch еnhаncеs trаnsаction еxеcution rеliаbility.

Solana vаlidаtors utilizing Jito’s cliеnt gаrnеrеd аpproximаtеly $36 million in MEV tips in July, rеprеsеnting а 26% incrеаsе from Junе. This growth rеflеcts thе nеtwork’s burgеoning on-chаin trаding аctivity. Notаbly, July 28th witnеssеd а rеcord-brеаking dаy for Solаnа rеgаrding fееs, with MEV tips rеаching а dаily pеаk of $3.2 million. 

It’s cruciаl to еmphаsizе thаt thеsе figurеs rеprеsеnt thе vаluе procеssеd through thе MEV plаtform, not dirеct еаrnings for Jito stаkеrs. Rеcеnt dаtа indicаtеs Jito’s аctuаl rеvеnuе for July wаs аpproximаtеly $1.4 million.

Thе succеss of Rаydium, Pump.Fun, аnd Jito undеrscorеs thе vibrаncy of thе Solana еcosystеm. As usеr аctivity continuеs to climb, thеsе thrее dApps аrе poisеd to plаy а pivotаl rolе in shаping Solаnа’s futurе trаjеctory.

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