Solana (SOL) Outshines Ethereum (ETH) in Decentralized Exchange (DEX) Trading Volume

  • Solana surpasses Ethereum in 24-hour daily volume in decentralized exchanges, with $1.3 billion and $1.29 billion respectively.
  • Solana’s total fees are now at 50% of Ethereum’s fees, a significant increase from the 1% ratio during the 2021 bull run.
  • Solana’s token, SOL, has surged more than 6% in the past 24 hours, making it one of the best-performing altcoins.

Solana outperforms Ethereum in daily DEX trading volume and sees a significant surge in its token price, indicating a potential flippening in the crypto market.

Another Flippening on the Horizon?

Recent data shows that Solana has managed to surpass Ethereum in 24-hour daily volume in decentralized exchanges (DEX), recording $1.3 billion compared to Ethereum’s $1.29 billion. This marks a significant development in the crypto market, with Binance Smart Chain (BSC) trailing behind in third place with a DEX trading volume of $604 million. Other blockchains like Arbitrum and Base follow in fourth and fifth places, generating $510 million and $286 million in DEX trading volume respectively.

Solana’s Rising Fees

Another noteworthy detail is the increase in Solana’s total fees, which are now at 50% of Ethereum’s fees. This is a stark contrast to the 1% ratio observed during the 2021 bull run. Some analysts predict that Solana might flip Ethereum in fees this month, a major potential shift in the cryptocurrency ecosystem. However, it’s important to note that the capital moving to layer-2 solutions is a contributing factor to this changing dynamic.

Solana Surges 6%

The price of Solana’s token, SOL, has seen a significant surge of more than 6% over the past 24 hours. This makes it one of the best-performing altcoins in the market. Currently, SOL is trading at $154 on major spot exchanges, with a market cap of $68 billion. In comparison, Ethereum’s token, ETH, has seen a modest increase of 1.23%, but with a valuation of $365 billion, it still significantly outvalues Solana.

Conclusion

The recent developments in Solana’s trading volume and fees, as well as the surge in its token price, indicate a potential shift in the crypto market. Whether Solana will indeed flip Ethereum remains to be seen, but these trends certainly provide an interesting outlook for the future of cryptocurrencies.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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