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. Additionally, the popularity of meme coins such as BOME and POGAI has brought unprecedented attention and enthusiasm to the Solana ecosystem.
Recently, the price of Solana has been on the rise, and its blockchain ecosystem has shown strong development momentum. SOL has increased by over 12% in the past 24 hours, and the ecosystem has become lively due to airdrops and the explosion of meme coins. According to DeFiLlama data, the trading volume of DEX on Solana’s blockchain reached $3.578 billion in the past 24 hours, approaching Ethereum’s $3.937 billion, representing a 52% increase compared to the previous day.
In the past 7 days, the trading volume has exceeded $13.3 billion, second only to Ethereum’s $18.9 billion and BSC’s $13.7 billion.
The surge in on-chain trading volume is attributed to the recent popularity of two meme coins in the Solana ecosystem: BOME and POGAI. BOME, also known as BOOK OF MEME, was launched by the Pepe Meme artist Darkfarm on March 14th. BOME has reached a new high of 0.02 magnesium after being listed on Binance’s contract, with a market value exceeding $1.35 billion. As for POGAI, also known as Proof of Great AI, it is a meme coin newly issued by the Chinese meme coin project POGAI (Poor Coin/Flop Coin) that is listed on Arbitrum.
According to DexScreener data, after the news of BOME being listed on Binance’s contract was released, its price surged by 62.5% from $0.01239 to a high of $0.02014, reaching a historical high, and its market value exceeded $1.35 billion. As of the submission of this article, it was reported at $0.0181, with a 317% surge in the past 24 hours.
It is worth mentioning that on the 15th, the on-chain monitoring account Lookonchain discovered 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 any BOME yet. If calculated at the current price of $0.0181, the unrealized profit would approach $3.36 million, with a high return rate of 144%.
The POGAI’s rags-to-riches myth
In addition, Lookonchain has found in today’s on-chain data that a trader with the address starting with 4iVkf (possibly an insider or sniper) earned $1.14 million through POGAI in just 6 hours. This trader spent 1,200 SOL to purchase 9.82 billion POGAI at the same second of creating a liquidity pool, and sold all of it at a price of 7,343 SOL within 6 hours, earning 6,143 SOL worth $1.14 million.
The myth of getting rich quickly is very tempting. Doo Wan reminds readers that meme coins in the current market are highly volatile, so please assess the risks carefully before investing and make decisions cautiously.