Solana surpassed Ethereum’s weekly trading volume on the chain, thanks to an impressive increase in activity in meme coins that accounts for 40%.
There is a shift in the crypto-world. Solana Recently eclipsing Ethereum in weekly on-chain trading volume. Wintermute’s recent report shows Solana (SOLThe trading volume of Ethereum (ETH() has reached $46 Billion, reflecting the continued recovery of the cryptocurrency sector since recent lows.
The rise of the meme coin market, pump.fun (which now represents 35% of Solana’s decentralized trading volume), appears to have been a big factor in this trend. In spite of the massive hype, only 0.76 percent of Pump.fun wallets generated at least $1,000, according to crypto.news reported Earlier in an exclusive report.
Wintermute says that a surge in speculation led to an increase of tokens generated on the blockchain, which now has 86 percent market share. This is up from 60 percent in September. The weekly token production also soared from 45,000 tokens to 110,000.
Meme coin prices have also outperformed the GMAI Index. In September, the GMCI Meme Index grew by 34%, just a little behind the 39% increase of the GMAI Index. Wintermute says that year-to date, the Meme Index has grown 140%. That’s far more than the GMAI Index, which grew 83%.
Analysts believe that Solana’s meme coin activities are booming “could potentially catalyze broader growth across the entire industry,” Additionally, the quiet in the crypto markets could be due to the “prelude to a storm as the U.S. election approaches.”
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Source: crypto.news
