Trading volume on decentralized crypto exchanges Jupiter and Orca, based on Solana, grew by more than a quarter over the last day. Their indicators went up due to the hype around the meme coin WEN.
According to CoinGecko data, as of 14:00 (GMT+2) on January 29, Jupiter’s daily trading volume exceeds $517 million, up 25% in the last 24 hours. This Solana-based DEX accounts for 17.5% of total trading volume on decentralized platforms.
Another Solana-based trading platform also saw an increase in daily trading volume. Orca’s performance surged 29.57% in the last 24 hours, with the trading volume reaching $255 million.
The active growth of indicators moved Jupiter to the top among DEXs in trading volumes, while Orca entered the top three. Popular decentralized exchanges such as Ethereum-based Uniswap V3 and BNB Chain-based PancakeSwap V3 recorded daily trading volumes of $492 million and $143 million, respectively.
The growth catalyst for the Solana DEX performance was the hype around the new Wen (WEN) meme coin, 1 trillion of which were distributed among active Solana users. About 70% of the coins that participated in the airdrop were received by Jupiter users who actively interacted with the DEX for half a year.
Over the last 24 hours, almost $50 million of Jupiter’s trading volume was accounted for by the USDC / WEN trading pair. Another $50 million — for the SOL / WEN pair. Around 11.5% of Orca’s total trading volume came from the USDC / WEN pair, totaling nearly $30 million over the day, and another about $9.4 million — from the SOL / WEN pair.
According to CoinGecko, WEN increased by 500% in the first day after launch. In the last 24 hours, its price grew by another 40% and reached $0.0001638. The project’s market cap exceeded $163 million. The hype around the coin was provoked by LookOnChain data, which showed that one of the WEN traders made around $1.6 million on the asset.
Experts named meme coins as one of the growth catalysts of the crypto market in 2024.
Сообщение Hype Around WEN Meme Coin Increased Trading Volume on Solana-Based DEX появились сначала на CoinsPaid Media.
