The volume of cryptocurrencies traded on controlled and distributed platforms this week was insane. This is so because many coins recovered from previous declines find their way on the market. With significant transaction increase, Solana, Base, and Sui were among the top DEX networks.
DeFi Llama data shows that activity on Solana DEXes went up by 40%, while activity on Base and Sui networks went up by 20% and 30%, respectively. Solana DEXes have handled $7.13 billion in trades over the last seven days. Base has handled $3.92 billion, and Sui has handled $597 million.
Even with the recent rise, September saw the lowest amount of crypto trading on both centralized and decentralized platforms since February. DEX systems handled more than $114 billion, which is a big drop from August, when they handled $172 billion. Blockchains like Ethereum, Solana, and BNB Smart Chain had the most transactions.
The regulated exchange (CEX) handled transactions valued at $1.2 trillion in August. That figure slumped to $895 billion in September. Still ranking highest were Binance, Bybit, OKX, and Coinbase. Binance made the most transactions.
Solana Leads Meme Coin Surge As DEX Volume Rebounds
A recent increase in trade volumes followed from Bitcoin rising to $66,000 and Ethereum rising to $2,700. Big economic shifts like the U.S. Federal Reserve’s decision to begin decreasing interest rates and the Chinese government’s attempts to revive the economy primarily drove this movement.
The news that Binance’s creator, Changpeng Zhao, had been released from jail also helped the market to react favorably, therefore improving the atmosphere.
A lot of things happened on Solana’s network, mostly because meme coins were found again in its ecosystem. According to CoinGecko, the price of Moo Deng (MOODENG) has gone through the roof in the last week, rising by almost 700% and worth over $300 million. Mother Iggy (MOTHER), a joke coin linked to rapper Iggy Azalea, went up 96% in value, making it worth more than $112 million.
The value of all Pump.fun tokens on Solana rose to over $1.06 billion, and fees were received totaling $148 million. This shows that more and more people are interested in these speculative assets.
Based on the Base network, Aerodrome became the busiest DEX, handling more than $2.66 billion in transactions in the last week. PancakeSwap and Clober came after it. Top-performing DEX networks on Sui were Cetus, DeepBook, Turbos, and Kriya. All of them brought more activity to the platform.
Networks on BNB Chain, Arbitrum, Optimism, and Polygon were also strong performers in the DEX market. As the market as a whole recovered, so did the trade volume on these networks.
The sharp rise in DEX volume and meme coin activity shows that traders are once again interested in the crypto market and want to take advantage of the current market rally. But monthly amounts are still lower than they were at their previous highs, so it’s not clear if this trend will last.
