Ethereum DEXs Reclaim Volume Crown: Solana’s Memecoin Mania Fades
Ethereum-based decentralized exchanges are back on top, snatching the volume crown from Solana for the first time since April. The catalyst? A rapid cool-down in the Solana memecoin frenzy, coupled with surging institutional interest in Ethereum as ether adoption grows.
Ethereum DEXs Dominate: $24.5 Billion Traded in 48 Hours, Leaving Solana in the Dust at $10 Billion, says DefiLlama.
Ethereum’s dominance was undeniable in the preceding fortnight, eclipsing Solana’s figures with a staggering $28 billion and $27 billion against their $20 billion and $24 billion.
Earlier this year, the memecoin frenzy fueled by Solana and BNB Chain defined trader behavior. Now, a different tune plays, signaling a stark shift in market sentiment.
Ether’s surge has transformed into a tidal wave. Institutional investments are flooding into spot ether ETFs, fueling the second-largest cryptocurrency’s meteoric rise. A breathtaking 53% leap in the last month propelled Ether to a staggering $4,680, injecting fresh optimism into the crypto market.
DEX volumes (DefiLlama)
Monday marked a watershed moment for Bitcoin ETFs, smashing records with a staggering $1 billion net inflow – the first time ever. But the buying frenzy didn’t stop there; Tuesday saw another relentless wave, adding a further $523 million to the coffers, signaling a potentially explosive new chapter for crypto investment.
Solana’s sparkle dimmed in the second quarter, a stark contrast to its explosive start. Remember January? Decentralized exchanges were ablaze, boasting weekly volumes soaring past $98 billion, then $84 billion. But the flame flickered and died when the TRUMP memecoin splashed onto the scene, courtesy of the former President. The hype train derailed spectacularly as TRUMP shed a staggering 88% of its value in just seven months, leaving a trail of shattered investor confidence in the memecoin market.
Uniswap reigns supreme. Yesterday’s Ethereum DEX battle saw a staggering $8.6 billion change hands on Uniswap, dwarfing rival Fluid, which, while impressive, only cracked the $1 billion mark.
Ethereum’s staking tokens are surging, riding a wave of optimism sparked by recent SEC guidance. Leading the charge is LDO, Lido’s governance token, skyrocketing an impressive 65% in just seven days, hinting at a potentially lucrative future for the liquid staking sector.
Thanks for reading Institutional Frenzy Pushes Ethereum DEX Volumes Above Solana
