Solana DEX Volumes Flip Ethereum Again

Solana’s decentralized exchange (DEX) volume market share has surpassed Ethereum’s yet again, marking the third “flippening” of DEX volumes this year.

Over the last seven days, Solana processed $8.38 billion in volume across its DEXs, 2% higher than Ethereum’s $8.24 billion. Solana DEX volumes are also up 43% this week and commanded nearly 25% of all DEX volume in the same time period, according to DeFiLlama.

The increase in Solana DEX usage is led by Raydium, which commands nearly 50% of all Solana volumes, with $4 billion traded over the last seven days. Raydium’s weekly volume is up 87% compared to last week.

The boost in DEX dominance is likely catalyzed by a resurgence in Solana memecoins, spearheaded by the $MOODENG token, which launched on Sept. 10 and reached an all-time high market capitalization of over $300 million, rallying 60,000x in just 18 days.

Since MOODENG’s parabolic run-up, traders and gamblers have been frantically speculating on the next zoo animal, or memecoin in general, that could yield life-changing returns.

Daily trading volume on memecoin launchpad Pump.Fun has nearly tripled since the $MOODENG top, to roughly $80 million over the last four days from $27 million on Sept. 18.