Meteora DEX on Solana Sees Trading Volume Soar to $37 Billion Monthly

In January, the decentralized exchange (DEX) Meteora, part of the Solana ecosystem, recorded a trading volume of $37 billion. The previous month, the figure stood at $990 million, according to data from The Block.

The DEX increased its market share to approximately 9% and entered the top five in trading volumes within the segment.

Three of the five largest DEXs are now based on Solana. This reflects a broader trend of asset launches within the blockchain ecosystem, with 96% of new coins appearing on this network.

Significant trading activity is linked to tokens associated with U.S. President Donald Trump. The daily trading volume of the politician’s “official” meme coin, TRUMP, reaches nearly $300 million.

After reaching an all-time high on January 19, the token’s price has been trading sideways around $30. The asset’s market capitalization exceeds $5.5 billion, with a fully diluted valuation approaching $28 billion.

According to Coinbase’s Director of Product, Conor Grogan, the market is on track to launch 1 million tokens by the end of 2025. This casts doubt on the prospects of the anticipated altseason.

There are 36.4+ million crypto tokens today. We are on pace to have 100 million tokens by the end of 2025

To put in perspective, the 2017-2018 “alt season” had just <3000 tokens and the 2013-2014 alt season had <500 tokens pic.twitter.com/p1qkCAwwUn

— Conor (@jconorgrogan) January 24, 2025

The expert noted that during the previous similar market phase in 2017-2018, the total number of coins did not exceed 3,000. Grogan believes the sharp increase in numbers leads to a dilution of investor interest.

In January, the “meme token factory” Pump.fun on Solana celebrated its first anniversary, having radically simplified and reduced the cost of issuing digital assets.

At the end of the month, the platform’s daily fee volume reached a record $15.4 million.