The frenzy around meme cryptocurrencies has generated a significant shift in the decentralized transaction landscape, leading Solana to surpass Ethereum in exchange volume for the first time.
In the last week, transaction volume on Solana decentralized exchanges (DEXs) reached an impressive total of $9.03 billion, slightly surpassing the $8.836 billion on Ethereum, according to data from DefiLlama.
This marked change has been largely attributed to the rise of meme cryptocurrencies like BONK and Dogwifhat (WIF) on the SOL network.
These digital assets, especially popular in this ecosystem, have seen extraordinary increases in value, generating a notable increase in the total transaction volume on Solana.
Solana continues to attract investors to its ecosystem
The appeal of these coins, along with the Solana network’s lower fees compared to Ethereum, has attracted traders and investors looking to avoid high transaction costs.
Despite this impressive milestone, Ethereum still maintains a considerably larger market capitalization than SOL, exceeding its value by more than seven times.
Currently, Solana’s market capitalization is around $37 billion, while Ethereum leads with a capitalization exceeding $268 billion.
The asset’s bullish activity has been evident with the recent performance of the SOL token, which has surpassed $80 and reached an all-time high of $89.
These achievements, along with SOL DEX trading volume dominance over Ethereum over the past week, have generated excitement among users and followers of the Solana network.
However, although Solana is gaining traction and showing impressive performance in terms of transaction volume and DEX adoption, it is still in an underweight position compared to Ethereum when it comes to market capitalization.
