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The Coin Rise 2025-01-30 09:28:47

Solana Grabs Nearly Half of DEX Market as Memecoin Frenzy Fuels Growth

Solana Grabs Nearly Half of DEX Market as Memecoin Frenzy Fuels Growth

Solana now commands almost half of the decentralized exchange (DEX) market, driven largely by the explosive activity on Pump.fun, a memecoin launchpad that recently outperformed Ethereum’s DEX volumes, according to OKX’s State of DEXs 2025 report . The crypto exchange highlighted Solana’s “blazing transaction speeds, minimal costs, and developer-friendly tools” as key factors propelling its dominance. Pump.fun Boosts Solana’s Dominance Dune Analytics data revealed that Solana briefly captured an astounding 89.7% DEX market share during the last week of December. Over the past five weeks, the network has consistently maintained over 50% market dominance. Pump.fun has been instrumental in Solana’s rise , with volumes fluctuating week by week. Despite this variability, OKX suggested Solana’s dominance might be sustainable in the long term, given its superior performance in transaction fees, active wallet addresses, and platform usability. Trump Memecoins Propel Market Buzz A significant portion of Solana’s recent trading volume came from memecoins associated with former U.S. President Donald Trump and his wife Melania. The tokens launched just before and after Trump’s January 20 inauguration , respectively, reaching a combined market cap of over $20 billion at their peak. Jupiter, a Solana-native DEX platform, accounted for nearly 70% of Solana’s trading activity. OKX praised the platform for its ability to optimize slippage, provide accurate real-time pricing, and mitigate platform risks—further cementing Solana’s appeal as the “retail chain” of choice in DeFi markets. However, OKX pointed out that Ethereum and its layer 2 solutions still dominate in terms of weekly trading volumes per address and average trade sizes, indicating continued whale activity on the Ethereum network. While Solana shines with retail users, Ethereum remains the leader in total value locked (TVL) and liquidity pool quality. Ethereum Holds Its Ground Ethereum retains an 82% share of the tokenized real-world asset market, dwarfing Solana’s 2.5% share, according to data from 21Shares. Despite Solana’s rapid rise, OKX noted that Ethereum continues to be the “bedrock” for DeFi innovation. As Ethereum layer 2 solutions increasingly compete with Solana’s low fees and rapid transaction speeds, the future of Solana’s dominance may hinge on its ability to adapt, attract liquidity, and drive further development. The post Solana Grabs Nearly Half of DEX Market as Memecoin Frenzy Fuels Growth appeared first on TheCoinrise.com .

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