Solana Achieves $1 Billion in DEX Trading Volume
Solana, the blockchain network known for its scalability, reached a significant milestone by achieving $1 billion in 24-hour decentralized exchange (DEX) trading volume. This puts Solana in close competition with Ethereum, which recorded $1.164 billion in trading volume during the same period.
Solana Mobile Phones Sold Out in the U.S.
The demand for Solana-based projects is evident as Solana Mobile phones sold out in the United States. This highlights the growing interest in the Solana ecosystem.
BONK Meme Coin Breaks Records
BONK, a meme coin associated with the Solana ecosystem, experienced a surge of 100% in its price and broke multiple records after being listed on major exchanges like Binance.
Solana’s Price Drops
Despite these milestones, Solana’s price has dropped over 5% due to profit-taking sell-offs. However, this should not overshadow Solana’s monumental growth throughout 2023.
Saga Mobile Launch Boosts Trading Volumes
The excitement surrounding Saga Mobile’s launch of Solana-based crypto phones contributed to the increased trading volumes. The initial inventory in the US was quickly sold out, indicating growing institutional interest.
Founder and Co-founder Express Excitement
Raj Gokal, co-founder of Solana Labs, expressed his enthusiasm for reaching this milestone and stated that Solana is just getting started. Anatoly Yakovenko, the founder of Solana, was shocked at surpassing the $1 billion daily trading volume threshold and attributed it to various factors, including significant purchases of Solana Mobile and high trading volumes of BONK.
Orca DEX Sees TVL Triple
The total value locked (TVL) in the Orca DEX aggregator tripled in the past two months, surpassing $1 billion. This growth is driven by investors chasing airdrops.
Solana Flippening Predictions
With the surge in network activity records, predictions of Solana overtaking other cryptocurrencies are becoming more prominent. Analysts suggest that potential participants in Jupiter’s ZUP airdrop are catalyzing Solana’s interest in DeFi.
Trading Frenzy Could Be Short-Lived
While there is excitement surrounding the trading volumes and milestones, some observers caution that the frenzy may be short-lived as speculators take profits. Despite the retracement in SOL prices, Solana’s growth and market capitalization make it a strong contender in the blockchain space.
Hot Take: Solana’s Momentum Continues to Surge
Solana’s recent achievements, including reaching $1 billion in DEX trading volume and selling out its mobile phones, highlight its growing popularity and demand. The ecosystem surrounding Solana, including meme coins like BONK, has contributed to its success. While there may be short-term price fluctuations, Solana’s overall momentum and potential for further growth make it an exciting cryptocurrency to watch in the coming months.
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