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Solana has been riding a wave of positive news, achieving major decentralized finance (DeFi) volume milestones while demand surges for devices supporting its ecosystem.
The blockchain network built to scale notched $1 billion in 24-hour decentralized exchange (DEX) trading volume this week, narrowly trailing Ethereum’s $1.164 billion for the first time ever.
Keypoints
Solana achieved $1 billion in 24-hour DEX trading volume, narrowly trailing Ethereum’s $1.164 billion
Solana Mobile phones sold out in the U.S., underscoring growing demand for Solana-based projects
Meme coin BONK, related to the Solana ecosystem, broke multiple records with a 100% price surge
Despite the milestones, Solana’s price has dropped over 5% due to profit-taking sell-offs
The surge underscores Solana’s monumental growth in 2023, which saw it eclipse Ethereum for NFT sales and notch the highest year-to-date gain of top 15 cryptos. Boosting trading volumes was excitement over the sold-out launch of Saga Mobile’s Solana-based crypto phones. Originally slated for a 2023 Q1 rollout, the US inventory was snapped up rapidly amid growing institutional interest.
“Incredible milestone. 6 years in, just getting started!” tweeted Solana Labs co-founder Raj Gokal. The news came shortly after meme coin BONK, associated with Solana’s ecosystem, racked up exponential 100% gains following its listing on major exchanges like Binance.
Solana founder Anatoly Yakovenko expressed shock at surpassing the $1 billion daily trading volume threshold. “A multitude of factors played a role in reaching this significant milestone,” he told reporters. “It includes significant purchases of Solana Mobile, high trading volumes on the dog-themed joke coin BONK, and optimistic views about the Solana ecosystem.”
Wow, what a day ????????????
We’ve officially SOLD OUT of Saga phones in the US! A huge thanks to everyone who’s been part of this journey ♥️
To our frens in Europe, we’ve still got a few left for you.
Stay tuned for what’s next ????
— Solana Mobile ???? (@solanamobile) December 15, 2023
The Orca DEX aggregator has also seen its total value locked (TVL) triple in the past two months, crossing $1 billion as investors chased airdrops. Riding the wave of network activity records, Solana flippening predictions are growing louder.
“Solana’s interest in DeFi is catalyzed by potential participants in Jupiter’s ZUP airdrop which is scheduled to take place next January,” said analyst Katherine Price, noting the top Solana DEX project had already exceeded Ethereum leader Uniswap’s daily volume. “Token distribution will be conducted in four phases. The team does not plan to hold more token sale rounds, therefore, the JUP airdrop is the only mainstream opportunity to get a JUP allocation early.”
24 Hour Volumes: Uniswap: $909MJupiter: $992M$JUP going to go crazy.
All your volumes belong to Solana now.
Fuck, I still own a bunch of Ethereum. Why do I keep fudding my own bags?
— Jacob Canfield (@JacobCanfield) December 16, 2023
Others cautioned the trading frenzy could be short-lived, as speculators take profits. SOL prices retraced nearly 6% from weekly highs despite the fanfare over new milestones.
“The surge in trading volume on Jupiter may be simply driven by excitement over the upcoming airdrop possibilities,” said one observer. For farmers focused on acquiring tokens before they list on exchanges, anticipation over airdrops can significantly move markets.
Nevertheless, Solana’s advance in 2023 has been undeniably meteoric. It remains within striking distance of overtaking XRP as the third largest blockchain by market capitalization. If developer activity, institutional interest and trading volumes continue growing, more flippening fireworks could be in store.
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