Solana Reclaims Weekly DEX Volume Crown from Ethereum Layer One

Spurred on by bullish sentiment in the wider industry traders within the Solana ecosystem have increased their risk appetite, returning to Solana’s vibrant DeFi scene. For the first time in 43 days, Solana has eclipsed the Ethereum Layer-1’s DEX volume on a rolling 7-D timeframe.

With enthusiasm returning to onchain markets, where are traders looking for profits?

Solana Flips Ethereum in 7-Day DEX Volume

In July 2024 Solana shocked the Web3 world, flipping the Ethereum Layer-1 in DEX volume for the first time in history. After passing the torch back to Ethereum in the intervening months, Solana has shown it still offers fierce competition. On October 2nd, Solana surpassed the Ethereum Layer-1 in onchain trading volume, this time over a rolling 7-day timeframe.

Solana’s recent surge in onchain DEX trading highlights how traders behave in response to changes in market dynamics. Over the last week, the wider crypto market has been buoyed by positive price action across the board, with $BTC reclaiming $66k and $SOL crossing back over $150.

As market sentiment flips bullish, traders showed greater willingness to take positions in riskier asset classes, namely Solana’s turbulent memecoin economy. 

Should the wider crypto market maintain its bullish trajectory throughout Q4, traders could expect that Solana DEXes would continue to see high volumes as market participants chase high-risk trades.

While geopolitical tensions in the Middle East have doused enthusiasm, several of Solana’s established meme coins have shown resilience. With $SOL down 3.1% on a weekly time frame, memecoins like $WIF and $BONK are up 15.1% and 21.3% respectively.

Solana Leads Rivals in Perpetual Volume

Alongside spot DEX volumes, Solana is also making its presence felt in decentralized perpetual trading. Based on DeFiLlama data, Solana has consistently led the Ethereum Layer-1 in onchain perpetual trading volume over the past three weeks, ranking 2nd across all chains in the last 24 hours.

While Solana leads the Ethereum Layer-1 on perpetual trading volume, it should be noted that the bulk of Ethereum-based perpetual trading is hosted on Arbitrum, an Ethereum Layer-2. Over the past 24-hours, Solana-based perpetual volume accounts for 15.29% of all onchain perpetual trading. 

$MOODENG Spearheads Memecoin Mania

Solana’s surging DEX trade volume has largely been driven by $MOODENG, a viral memecoin inspired by a Thai zoo’s beloved baby hippo. $MOODENG’s meteoric ascension breathed new life into Solana’s meme economy, sparking a new meta of chunky baby animal coins.

At its peak, $MOODENG boasted an FDV (Fully Diluted Valuation) of over $335M, making it the most successful coin ever launched via pump.fun. With the dust settling after the initial hype, $MOODENG is currently exchanging hands at a valuation of $224M, down 33% from its all-time high.

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