CandleFocus Wintermute: 40% of Solana’s trading volume centers around meme coins
2024-10-15
Author: Content Editor
Solana has surpassed Ethereum in weekly on-chain trading volumes, largely driven by the rise of meme coins which now make up 40% of its trading activity. Solana's trading volume increased by 50% to $51 billion, while Ethereum reached $46 billion. The surge in meme coin trading has also led to a significant increase in token generation on the network, capturing 86% market share. Meme coins have outperformed other sectors as well, with the Meme Index rising 34% in September. Analysts suggest that Solana's meme coin activity could potentially drive growth across the entire industry, especially as the US election approaches.
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