A large surge in memecoin activity has driven decentralized exchange (DEX) volume on Solana (SOL) to record highs, the latest on-chain data shows.
According to blockchain analytics platform DefiLlama, Solana’s volume reached $3.802 billion on Saturday, a high that eclipses old records set earlier this year.
Solana’s total value locked (TVL) has also seen a parabolic uptrend, soaring to a high of $4.034 billion. TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to gauge the health of a crypto ecosystem.
Source: DeFiLlama
The rise in activity is largely due to the success of several memecoins on Solana.
According to the decentralized finance (DeFi) analytics platform Dexscreener, the newly launched memecoin Book of Meme (BOME), which was recently listed on Binance, has done over $907 million in volume over 24 hours.
Dogwifhat (WIF), Solana’s biggest memecoin, has done $568 million in volume in 24 hours, while BONK, al
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