Solana is experiencing robust growth amid the ongoing bull market run that has spread through the crypto industry.

Indeed, Solana’s SOL token has emerged as one of the best performers, rising by around 30% during the past month to around $190.

Solana’s DeFi Soars to All-Time High

Solana’s decentralized finance (DeFi) ecosystem has flourished with the broader crypto market rally since the year’s outset. Data from DeFiLlama illustrates this trend, revealing an extraordinary surge in Solana-based decentralized exchange (DEX) activity.

Over the past 24 hours alone, daily transaction volume has surpassed an impressive $3.6 billion, establishing a new all-time high.

This remarkable upswing in Solana DEX transactions can be primarily attributed to two key factors. One is the network’s commendably low transaction fees, and the second is the rising popularity of meme coins. Noteworthy meme coins like Wen, Dogwifhat, Bonk, and Book of Meme (BOME) have recently witnessed substantial trading volumes and interest.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

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Author: Oluwapelumi Adejumo

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