Solana’s DEX trading hit an all-time high of nearly $40 billion on Sunday.
Solana leaders praised the chain’s resilience despite network challenges over the weekend.
Solana hit a historic on-chain milestone during the weekend memecoin craze linked to President-elect ‘s family. On Saturday, its DEX (decentralized exchanges) trading volume hit $28.2 billion.
Blockwork’s research analyst Dan Smith that DEX volume jumped to nearly $40 billion on Sunday.
“Solana sets back-to-back DEX volume all-time highs with $28.2B yesterday and $39.2B today. Today we saw $12B on Trump family tokens, $12.9B SOL-USD and $1.5B in stablecoin swaps,” wrote Smith.
Photo: Blockwork
For context, a few hours after the most viral meme coin Official Trump hit the scene, the incoming first lady also issued her coin dubbed Official Melania Meme. Both launches happened on Solana, driving DEX activity as speculators jumped on Phantom, Raydium, Jupiter, and other platforms to bet on them.
Community Reactions to Solana’s Milestone
In fact, the traffic spike was so massive that it overwhelmed some Solana-based applications and wallets, such as Phantom. In a recent , Phantom saw over 8M transactions per minute from 10M users. This recorded traffic delayed transactions and spiked median fees.
But the service had normalized as of this writing. Despite the challenges, Solana leaders praised the network’s resilience and maturity. Reacting to the development, Mert Mumtaz, co-founder of Helius Labs, :
“We definitely struggled here, we could have executed better — and next time, we will…Solana DEXes are flipping traditional stock exchanges, Solana apps are placing in the top 10 of global app stores, and literal presidents of entire countries are launching their tokens on Solana.”
“We definitely struggled here, we could have executed better — and next time, we will…Solana DEXes are flipping traditional stock exchanges, Solana apps are placing in the top 10 of global app stores, and literal presidents of entire countries are launching their tokens on Solana.”
Raj Gokal, co-founder of Solana, also echoed a similar sentiment and compared the chain to the Nasdaq exchange.
“All-time highs for any chain in history. This is ~10% of daily Nasdaq volume,” stated Gokal.
Ben Zhou, co-founder and CEO of Bybit exchange, acknowledged Solana’s lead in on-chain trading with a record $158B monthly volume in January alone. However, Zhou that Bybit would advance its platform to minimize failed Solana transactions for its users.
“Though CEX trading was not affected, Bybit is working on the improvement of our SOL chain infra. Integrating more RPC node providers, enabling multi-node broadcasting to increase the on-chain transaction success rate,” Zhou noted.
SOL price hit a record high of $295 amid the Trump family meme craze.
Photo: TradingView
On the price chart, the rally has cooled off to November’s peak of around $260. Per the Trend-Based Fibonacci Extension tool, the next target would be $350 if SOL’s uptrend momentum is sustained in the next few days. On the contrary, $200 and $185 were key support levels in case of downside risks.
