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Home ยป Solana’s Market Cap Overtakes SoftBank and Mercedes-Benz at One Point! Jupiter Trading Volume Exceeds $1 Billion on Uniswap
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Solana’s Market Cap Overtakes SoftBank and Mercedes-Benz at One Point! Jupiter Trading Volume Exceeds $1 Billion on Uniswap

Mar. 19, 20243 Mins Read
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Solana's Market Cap Overtakes SoftBank and Mercedes-Benz at One Point! Jupiter Trading Volume Exceeds $1 Billion on Uniswap
Solana's Market Cap Overtakes SoftBank and Mercedes-Benz at One Point! Jupiter Trading Volume Exceeds $1 Billion on Uniswap
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Solana’s ecosystem has recently witnessed a meme coin frenzy, leading to a significant increase in on-chain transaction volume. Among them, the trading volume of Jupiter and Raydium has far surpassed that of Uniswap V3 on Ethereum.

(Table of Contents:
High On-Chain Transaction Volume of Solana Exceeds $1 Billion More Than Ethereum
Jupiter Tops the Trading Volume, Surpassing Uniswap
Solana Hits a New High Since November 2021 and Then Falls Back
Since the emergence of the phenomenal meme coin BOME on Solana, the ecosystem has triggered a wave of ICO-like token issuance, with various projects starting public fundraising and attracting a frenzy of community pursuit, thereby driving the surge in on-chain transaction volume.

According to data from DeFiLlama, the on-chain decentralized exchange (DEX) transaction volume on Solana reached $3.478 billion in the past 24 hours, surpassing Ethereum’s $2.327 billion and Binance Smart Chain’s (BSC) $1.337 billion, accounting for 34.43% of the total network transaction volume.

The transaction volume in the past week also reached $19.48 billion, slightly higher than Ethereum’s $19.31 billion, and significantly ahead of BSC’s $12.919 billion.

Further analysis shows that the on-chain transactions on Solana are mostly concentrated in DeFi aggregators Jupiter, decentralized exchange Raydium, and Orca.

According to CoinGecko, the total trading volume of these three platforms accounts for 50% of the DEX trading share in the Solana ecosystem. As of the time of writing, the trading volume of Jupiter and Raydium in the past 24 hours reached approximately $2.477 billion and $2.473 billion, respectively, which is nearly twice the trading volume of Uniswap V3 on Ethereum during the same period, which was $1.416 billion.

The third-largest exchange in terms of on-chain transaction volume on Solana, Orca, also reached a trading volume of $1.241 billion, approaching Uniswap V3 on Ethereum.

It is worth mentioning that the most traded currency on Jupiter and Raydium is the meme coin SLERF, highlighting its significant contribution to the substantial increase in on-chain transaction volume on Solana.

At the same time, Solana broke through $200 yesterday (18th) and reached a high of $210.18, setting a new high since November 2021. Its market value once surpassed that of Mercedes-Benz, which was $85.36 billion, and SoftBank, which was $85.78 billion.

However, there was a correction of more than 10% before the deadline, with a temporary report of $187.83, but the overall ecosystem’s heat remains high.

Related Reports
Meme Coin SLERF Raised 50,000 SOL “Accidentally Burned It All,” Founder Apologizes: “I’m Ready to Go to Jail”… Token Skyrockets
Missed the Solana Meme Coin? Bankless: 5 Tools to Catch a Thousandfold Explosion!
SOL Breaks $200! BOME Founder: Whoever Controls Memes Controls the Universe)

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