Memecoins make Solana's DEX surpass Uniswap
In recent days, the cryptocurrency market has witnessed surprising movement: DEX Raydium, based on the Solana network, has surpassed Uniswap in daily spot trading volume.
The memecoin fever on the Solana network has been largely responsible for this turnaround. According to data from CoinMarketCap, Raydium's daily trading volume reached US$1.165 million, surpassing the US$1.135 million recorded on Uniswap, which operates on multiple networks such as Ethereum, Arbitrum, Optimism and Polygon.
Raydium's rise in the DEX scene can be explained, in large part, by the success of memecoins on Solana. These cryptocurrencies, which generally have little practical use beyond speculative value, have gained great popularity among traders.
In fact, in the last 24 hours, all fifty of the most traded cryptocurrencies on Raydium are memecoins. This phenomenon, combined with the efficiency of the Solana network, positioned Raydium ahead of giants such as Uniswap v2 and v3 in trading volume.
Memecoins da Solana
One of the highlights of the memecoin market on Solana is the Goatseus Maximus cryptocurrency, which alone represents 16.53% of Raydium's total trading volume. This memecoin, inspired by Roman bonds, has become the main name among traders on the Solana network.
Other memecoins that have attracted wide attention include Moo Deng, BOOK OF MEME, Woman Yelling At Cat, Gigachad, and Kumala Herris. The dominance of these coins boosted Raydium's trading volume to impressive levels, ensuring its momentary leadership in the DEX market.
Furthermore, statistics indicate that Raydium takes 21% of the market share of all DEXs, while its main competitors, such as Uniswap v3 on Ethereum and Orca, another Solana DEX, struggle to keep up with this growth.
The efficiency of trading on Solana, with low transaction fees and high execution speed, also contributes to this preference.
Meanwhile, more “serious” or traditional cryptocurrencies, such as the USDT stablecoin and Raydium’s own RAY token, only appear in positions 82nd and 84th, respectively, in the trading volume ranking. This demonstrates the absolute dominance of memecoins in the Raydium market.