Solana (SOL) has been riding a wave of bullish momentum, with its native token climbing 61.5% from November 5 to November 22, reaching an all-time high of $263. This surge aligns with broader altcoin growth, as Bitcoin edges closer to $100,000.
DEX Volume Surpasses $100 Billion
In November, Solana’s decentralized exchange (DEX) trading volume exceeded $100 billion for the first time, marking a 109% increase from October’s $52.5 billion. Daily trading volumes reached $7.14 billion on November 18, and weekly volumes hit a record $41.6 billion by November 17.
This surge is attributed to high network activity and renewed interest in memecoins, supported by Solana’s low fees and fast transaction speeds.
What’s Driving SOL’s Growth?
- Memecoin Frenzy: Platforms like Pump.fun and Raydium DEX have fueled activity, generating record monthly fees of $71.5 million and $182 million, respectively.
- Active Users: Solana’s active addresses surged to nearly 25 million in November.
- Dominance: Analysts note Solana is leading by key metrics, commanding the largest share of DEX activity and steadily increasing its market cap relative to Ethereum.
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