Solana DEX volume soars $3 billion amidst profit-taking

Title: Solana’s DEX Trading Volume Surges to Record $3 Billion

Subheading 1: Skyrocketing Trading Volume on Solana DEXes
Incredible Growth in Solana Trading Volume

Trading volume on the decentralized exchanges (DEXes) housed within Layer 1 (L1) network Solana has skyrocketed by a staggering 54% in the past week, surpassing $3 billion for the first time ever, data from DeFiLlama showed. Solana’s leading DEXes Orca and Raydium have witnessed their trading volumes grow 28% and 39% in the last seven days. So far this month, Solana’s DEX trading volume has totaled $5 billion, ranking behind ethereum, Arbitrum, and BNB Chain.

Subheading 2: The Demand for Solana Climbs
Uptrend in Solana’s Network Demand

Recent surge in trading activity across Solana’s DEXes has resulted in an uptick in the network’s total value locked (TVL), at $1.06 billion, rallying by 8% in the last week and 51% in the last month.

The increased trading activity, as reflected in the consistent uptrend in the network’s demand, has resulted in a 93% uptick in unique wallet addresses and a 22% growth in on-chain transactions in the last month.

Subheading 3: SOL Appears Ready to Shed Some Gains
Rise in Solana’s Native Coin Value

The growth in demand for Solana comes amid a corresponding rise in the value of its native coin SOL, which has risen steadily by 108% in the last month to trade at $56.07 at press time. However, profit-taking activity has led to a downward trend in SOL’s momentum indicators, signaling a decline in SOL accumulation.

Solana’s growing demand and surging trading volume on its DEXes have created a buzz in the market, demonstrating the network’s popularity and potential for further growth. While the initial excitement has bolstered its value, the recent slowdown in SOL accumulation is a reminder of the volatile nature of the cryptocurrency market.

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