The trading volume of decentralized exchanges (DEX) on the Solana blockchain has surged, reaching $3.578 billion within 24 hours, closely following Ethereum’s $3.937 billion. In addition, the popularity of meme tokens like BOME and POGAI has brought unprecedented attention and excitement to the Solana ecosystem.
Recently, the price of Solana has shown a strong upward trend, and the development of the on-chain ecosystem has been impressive. Within the past 24 hours, SOL has increased by over 12%. The ecosystem has also been buzzing with activity due to airdrops and the explosion of meme tokens. According to data from DeFiLlama, the trading volume of Solana’s DEX in the past 24 hours reached $3.578 billion, approaching Ethereum’s $3.937 billion, representing a significant increase of 52% compared to the previous day.
In the past 7 days, the trading volume has exceeded $13.3 billion, second only to Ethereum and BSC with $18.9 billion and $13.7 billion, respectively.
The surge in on-chain trading volume is attributed to the recent popularity of two meme tokens in the Solana ecosystem, BOME and POGAI. BOME, also known as BOOK OF MEME, was launched by Pepe Meme artist Darkfarm on March 14th. BOME was listed on Binance, and Binance announced the launch of BOME U perpetual contract at 20:30 today. POGAI, also known as Proof of Great AI, is a meme token newly launched on Arbitrum by the Chinese meme token project POGAI (also known as “poor coin” or “street token”).
According to DexScreener data, after the news of BOME being listed on Binance, its price surged by 62.5% from $0.01239 to a high of $0.02014, setting a new all-time high, and its market capitalization also surpassed $1.35 billion. As of the time of writing, it was trading at $0.0181, experiencing a 317% surge in the past 24 hours.
It is worth mentioning that Lookonchain, an on-chain monitoring account, discovered yesterday that a wallet with the address starting with Haee7 withdrew 12,721 SOL (worth $2.3 million) from Binance and purchased $314 million worth of BOME at a price of $0.0074. Lookonchain suspects that this wallet may belong to an insider trader.
Currently, the wallet has not sold BOME yet. If calculated at the current price of $0.0181, the unrealized profit is approaching $3.36 million, with a high return rate of 144%.
There is also the story of POGAI’s sudden wealth. Lookonchain found in today’s on-chain data that a trader with the address starting with 4iVkf earned $1.14 million through POGAI trading in just 6 hours. This trader spent 1,200 SOL to purchase 9.82 billion POGAI at the same moment of creating a liquidity pool, and then sold all of them for 7,343 SOL within 6 hours, earning 6,143 SOL, worth $1.14 million.
The allure of sudden wealth is tempting, but readers are reminded that the meme token market is highly volatile. Please conduct a thorough risk assessment and make decisions cautiously.