In November, the trading volume on decentralized exchanges (DEX) within the Solana network reached a record $109.8 billion. By comparison, Ethereum’s figure is nearly half at $55.3 billion, according to DeFi Llama.
In October, Solana’s DEX turnover was $52.9 billion. In November, the metric exceeded this value by 107.6%.
The previous monthly record was set in March 2023 ($59.8 billion). Both then and now, such high levels are driven by the hype around meme coins.
In November, Pump.fun’s monthly fees reached a record $75.4 million.
The increase in transactional activity impacted the rise in SOL’s price. From November 5 (Donald Trump’s victory in the US elections) to November 22, the cryptocurrency rose by 61.5% to an ATH of $264.
Other on-chain metrics, such as the number of active addresses, also improved. At its peak, the figure reached 24.48 million.
Solana’s market capitalization is 29.5% of Ethereum’s value, according to analyst Aylo’s calculations.
Solana’s fundamentals are at ATH.
It’s the dominant chain by most metrics right now, and has the largest share of DEX volume.
It’s currently ~29.5% of Ethereum’s market cap, and is continuing to be repriced. $SOL will be heading into price discovery soon. pic.twitter.com/hcb0vFVfoX
— Aylo (@alpha_pls) November 17, 2024
Earlier, CEO of Two Prime Digital Assets Alexander Blum predicted the launch of a SOL-ETF by the end of 2025.
On November 21, the CBOE submitted relevant applications to the SEC from VanEck, 21Shares, Canary Funds, and Bitwise Asset Management.