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Solana flips Ethereum on this front, thanks to the memecoins

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Solana's [SOL] share of the total decentralized exchange (DEX) volume has grown significantly over the past year.

Solana-based DEXes have witnessed high demand in the past few months due to the hype around the memecoins on the network.on X , crypto analyst Tom Wan noted that Solana currently holds 29% of the DEX market, compared toThe growth in trading activity across DEXes housed within Solana is attributed to the current memecoin frenzy on the network.

Despite the high DEX volume in the last month, Solana has seen a general decline in user activity during the past few weeks. Data fromrevealed a 21% drop in the daily count of unique wallet addresses signing on-chain transactions on Solana since 31st January.

 

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