Solana ($SOL) has seen a massive spike in on-chain trading activity this week, with volumes jumping 50% to reach an impressive $51 billion. This surge has put Solana ahead of Ethereum ($ETH), which recorded $46 billion in trading volume during the same period. A major driving force behind Solana’s growth is the rising popularity of memecoins. These speculative assets now account for 40% of all trading on Solana, with one memecoin in particular, pumpdotfun, dominating 35% of decentralized exchange (DEX) activity on the network. $SOL’s on-chain trading volume skyrocketed 50% to hit $51 billion this week, outpacing $ETH’s $46 billion.
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