Solana, the blockchain platform launched in 2020, has achieved a major milestone, trailing ethereum in 24-hour decentralized exchange (DEX) volume. This historic achievement has attracted widespread attention from both cryptocurrency leaders and enthusiasts, signaling a notable shift in the dynamics of decentralized finance (DeFi).
As the news resonates in the crypto space, additional elements of Solana's success are coming to light. The celebration extends beyond DEX volume wins, as all Saga Mobile inventory sold out.
This unexpected increase in demand underlines the growing popularity of Solana-based projects. Additionally, the BONK meme coin, associated with the ecosystem, has broken multiple records, adding a touch of exuberance to the community's festivities.
What a day
We have officially SOLD OUT of Saga phones in the US! Thank you very much to everyone who has been part of this journey
For our friends in Europe, we still have some left for you.
Stay tuned for what's next
– Solana Mobile (@solanamobile) December 15, 2023
Solana follows ethereum closely
For the first time, Solana is getting closer to dethroning ethereum in total decentralized exchange (DEX) volume over the past day, according to data from DefiLlama.
Data shows that ethereum has accumulated $945 million in a single day, while Solana has had an astonishing increase of 940 million dollars, in second place. At the time of writing, Solana's weekly change was 37.10%, while ethereum saw a decline of over 4%.
SOL new record trading volume. Source: DefiLlama
Solana has grown at an impressive rate this year; Earlier this month, it surpassed ethereum in nft sales figure. The digital currency achieved this streak at a time when its future looked shaky following the implosion of FTX and subsequent SOL sell-offs, while also having the largest room for growth among the top 15 cryptocurrencies so far this year.
SOL trails eth by a close margin. Source: DefiLlama
A multitude of factors influenced the achievement of this important milestone. It includes major purchases of Solana Mobile, high trading volumes of the dog-themed joke coin BONK, and optimistic views on the Solana ecosystem.
Many have referred to this outstanding achievement as rare, and Anatoly Yakovenko, the founder of Solana, expressed his surprise at reaching such a huge milestone.
SOL market cap currently at $29 billion. Chart: TradingView.com
Positive Achievements
The announcement of Solana's sale of Saga Mobile is a “big day for Solana,” according to Circle CEO Jeremy Allaire.
Raj Gokal of Solana responded to these achievements by commenting: “An incredible milestone. 6 years later, just getting started!”
Data from CoinMarketCap shows that BONK exceeded expectations with a spectacular gain, showing a 100% exponential jump in 24 hours.
#Binance will list @bonk_inu $BONK with seed tag applied.
https://t.co/BVs6KjrRvK pic.twitter.com/AKB6mlwnkL
-Binance (@binance) December 15, 2023
The currency's entry into major stock exchanges coincided with this exponential climb, which excited investors who wanted to experience the exciting roller coaster ride.
Meanwhile, a sell-off is causing Solana's price to surprisingly double under its own weight. At the time of writing, CoinMarketCap data shows Solana trading at $74, a 5.65% decrease in value.
Featured image from Pixabay
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