- Solana has made history by surpassing Ethereum in 24-hour decentralized exchange (DEX) volume, recording $1.536 billion compared to Ethereum’s $1.164 billion.
- Despite a temporary price setback, Solana’s impressive growth and aspirations to surpass XRP in market cap and Ethereum in other key metrics highlight its growing influence in the decentralized finance (DeFi) space.
Solana (SOL) has achieved a historic milestone by surpassing Ethereum (ETH) in total decentralized exchange (DEX) volume over the past 24 hours. Data from DefiLlama reveals that Solana recorded an impressive $1.536 billion in DEX volume, while Ethereum lagged with $1.164 billion, marking the first time in history that Solana has outpaced the industry giant.
Solana’s Unprecedented Flip
The weekly change in Solana stands at an astounding 54.21%, showcasing its remarkable growth momentum. This unexpected flip has been regarded as a rare occurrence in the decentralized finance (DeFi) space, prompting Solana founder Anatoly Yakovenko to express his disbelief at the significant achievement.
This recent triumph adds to Solana’s already noteworthy accomplishments, including surpassing Ethereum in NFT sales earlier this year.
Despite facing challenges, including the FTX implosion and subsequent SOL sell-offs, Solana has steadily climbed the ranks. Now, having conquered the daily DEX volume chart, Solana sets its sights on surpassing XRP in market capitalization and Ethereum in both total value locked (TVL) and cumulative volume.
Solana Price Outlook
While Solana celebrates its triumph in DEX volume, its price experiences a temporary setback. As of the latest data from CoinMarketCap, Solana is priced at $74, reflecting a 5.65% decrease. The market cap has also seen a 5.5% slump to $31,636,851,169, accompanied by a notable 20% drop in trading volume to $2,358,903,714.
Despite the ongoing sell-off, Solana remains relatively strong, trading at its highest level for the year. The year-to-date growth for Solana stands at an impressive 657%, showcasing its resilience and potential for recovery. Many industry experts view the current price drop as a healthy correction rather than a cause for concern.
Solana’s Future Aspirations
With Ethereum in its rearview mirror, Solana now aims for greater milestones, aspiring to outrank XRP in market cap while eyeing Ethereum’s positions in total value locked and cumulative volume. The DeFi community is eagerly watching as Solana continues its upward trajectory, reshaping the dynamics of the decentralized finance landscape.
Solana’s shocking flip of Ethereum in DEX volume not only marks a historic moment but also signals a significant power shift within the DeFi realm. As Solana strives for further achievements, its resilience and growth potential continue to captivate the attention of the cryptocurrency community.
