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Surging Altcoin Solana Overtakes Rivals as Second Most Traded Asset on DEXs

Solana becomes second most traded asset on DEXs after Ethereum, with $5.6B volume
Paxos expands to Solana blockchain, launching Pax Dollar (USDP) in 2024
2023/12/25 (Dec 25th, 2023 9:34 pm)
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Data from DeFiLlama highlights Solana’s remarkable surge in trading volume

According to the latest data from decentralized finance (DeFi) tracker DeFiLlama, Solana (SOL) has emerged as the second most traded digital asset on decentralized exchanges (DEXs), closely following Ethereum (ETH). In just one week, Solana’s trading volume on DEXs has skyrocketed by over 25%, reaching an impressive total of $5.6 billion. This surge in popularity has propelled Solana to the forefront of the decentralized trading space, firmly establishing itself as a formidable contender. However, Ethereum remains the top traded asset on DEXs, boasting a trading volume of $8.89 billion in the past week.

Over the last 24 hours alone, Solana’s DEX trading volume reached $895.9 million, whereas ETH recorded $1.07 billion in trading volume. Such figures underscore the growing demand and confidence in Solana’s ecosystem.

Presently, Solana’s trading price stands at $122.32, signifying a remarkable 7.73% gain in the last 24 hours. Furthermore, Solana has experienced an astonishing surge of over 1,000% since the beginning of this year. Such impressive performance has undoubtedly captured the attention of investors and traders alike.

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Solana attracts new participants and expands its offerings

As the value of Solana continues to surge, the network is attracting an increasing number of participants. Paxos, a leading stablecoin issuer, recently announced its expansion to the Solana network. This move comes after exclusively operating on the top smart contract platform. Paxos intends to launch its dollar-pegged crypto asset, Pax Dollar (USDP), on the Solana blockchain starting from January 17th, 2024.

In addition, Solana has witnessed significant interest in its Web3 smartphone, Saga. The smartphone recently sold out shortly after its release in April. Moreover, purchasing Saga came with an added incentive of receiving free Bonk (BONK), a meme coin gaining substantial popularity on the Solana platform.

Expert Analysis
Solana: Soaring Trading Volume and Partnerships Fuel Bullish Surge - Unleashing Lucrative Opportunities for Risk-Takers
Tyler Nguyen



The recent surge in Solana's trading volume on decentralized exchanges (DEXs) has helped solidify its position as a formidable contender, placing it second after Ethereum (ETH).


In just one week, Solana's trading volume on DEXs has increased by over 25%, reaching $5.6 billion. This surge demonstrates the growing demand and confidence in Solana's ecosystem and indicates a bullish sentiment surrounding the asset.


Furthermore, Solana has experienced a remarkable surge of over 1,000% since the beginning of this year, which has undoubtedly captured the attention of investors and traders. With its trading price at $122.32, Solana has demonstrated a 7.73% gain in the last 24 hours. These positive price movements further reinforce the bullish sentiment surrounding the asset.


Solana's value surge has attracted an increasing number of participants, as evidenced by Paxos, a leading stablecoin issuer, expanding its presence to the Solana network. Paxos' decision to launch its dollar-pegged crypto asset, Pax Dollar (USDP), on the Solana blockchain indicates a growing confidence in the network's capabilities and potential.


In addition, Solana's Web3 smartphone, Saga, has gained significant interest, with the initial release quickly selling out. Customers who purchased Saga also received free Bonk (BONK), a meme coin gaining popularity on the Solana platform. This increased interest and demand for Solana's offerings highlight its expanding ecosystem and contribute to the overall bullish sentiment.


Considering Solana's surge in trading volume, price appreciation, expanding partnerships, and growing interest in its offerings, the overall sentiment appears to be bullish for ['SOL'].

What is the trading volume of Solana on decentralized exchanges?
Solana's trading volume on decentralized exchanges (DEXs) has reached an impressive total of $5.6 billion.
Which digital asset is Solana closely following in trading volume?
Solana (SOL) is closely following Ethereum (ETH) in trading volume on decentralized exchanges (DEXs).
What is the trading volume of Ethereum on DEXs?
Ethereum (ETH) has a trading volume of $8.89 billion in the past week on decentralized exchanges (DEXs).
What is the trading price of Solana?
Solana's trading price currently stands at $122.32, with a 7.73% gain in the last 24 hours.
Which stablecoin issuer recently announced expansion to the Solana network?
Paxos, a leading stablecoin issuer, recently announced its expansion to the Solana network.

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