- Solana turns into the blockchain with the very best quantity of DEX trades for the third month in a row.
- In December, the blockchain community DEX recorded $105 billion in buying and selling quantity.
- SOL is making an attempt to regain the $200 worth stage however failed after a 5% crash in 24 hours.
The Solana blockchain has dominated all different blockchain networks, together with Ethereum, when it comes to decentralized trade (DEX) commerce quantity over the previous three months. Nevertheless, SOL, the native token of the Solana ecosystem, struggled to regain the $200 worth stage because it fell 5% within the final 24 hours.
In line with DefiLiam knowledge, the Solana DEX commerce quantity reached a whopping $52.49 billion in October, $129.73 billion in November and $105.05 billion in December, whereas Ethereum was $41.4 billion in October, 70 in November, 3 billion USD and in December 81 billion USD.
Ethereum ranked first when it comes to DEX buying and selling quantity in September, however is third in December. Second place was taken by Binance's BSC chain, which recorded a quantity of $99 billion. Nevertheless, Solana is ranked because the second largest blockchain when it comes to Complete Worth Locked (TVL) at $8.58 per community, surpassed by Ethereum and Tron.
Solan's rise to dominance is basically pushed by the expansion of the meme coin generator platform Pump.enjoyable. Bonk (BONK), dogwifhat (WIF) and Pudgy Penguins (PENGU) are a few of the platform's merchandise. Notably, PENGU is the most important meme coin on the Solana blockchain.
The elevated adoption of Jupiter (JUP), Solana's decentralized trade aggregator, additional contributed to the numerous progress of the community.
Evaluation of SOL costs
Final month, SOL hit a brand new all-time excessive, reaching a price ticket of $263.83. Nevertheless, on the time of writing, the altcoin is buying and selling at $188.77, down practically 5% during the last 24 hours and 27.15% from ATH, for a market cap of $90.53 billion.
The Relative Power Index (RSI) for SOL is at 38.64, which implies that bears have taken over the worth motion of the Solana token, and the gradient of the road means that costs might fall additional as Bitcoin failed to carry $99,000 within the final 24 hours and the broader market correction continues.
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