Solana's Meteora Enters Top 5 DEXs with $33B Monthly Volume
Date: 2025-01-29 Author: Gabriel Deangelo Categories: BUSINESS
This is a significant increase from the previous month, when the figure was only $990 million, according to The Block.
The platform's market share has grown to 9%, which allowed it to enter the top five largest DEXs. It is important to note that three of the top five decentralized exchanges are now based on Solana. This trend is due to the fact that the vast majority of new tokens - about 96% - are created on this network.
Tokens associated with Donald Trump have generated significant activity among traders. The TRUMP meme coin, positioned as the “official” token of the former US President, has a daily trading volume of around $300 million.
After reaching its all-time high on January 19, the TRUMP price has entered a consolidation phase, remaining at $30. The asset’s market capitalization exceeds $5.5 billion, and the fully diluted valuation is approaching $28 billion.
According to Conor Grogan, Coinbase’s Chief Product Officer, the total number of issued tokens could reach 1 million by the end of 2025. This creates uncertainty regarding a possible altseason, since an excess number of assets could lead to a decrease in investor interest.
Grogan noted that during the period 2017-2018, when the market was in a similar phase, the number of coins did not exceed 3,000. A sharp increase in this figure, in his opinion, will lead to the dissipation of liquidity.
It's also worth noting that Pump.fun on Solana turned one year old in January. The service simplified the process of creating meme tokens and reduced the costs of launching them. At the end of the month, the platform's fees reached a record high of $15.4 million per day.
