The top three decentralized exchanges (DEX) on Solana are Raydium, Jupiter, and Orca. Over the past four months, the weekly DEX volume on Solana has been increasing in comparison to Ethereum. Currently, the ratio of weekly DEX volume on Solana to Ethereum is 29.4%, down from 10.7% at the start of December 2023. According to The Block, Base tokens comprised more than half of all tokens listed on DEXs at the beginning of April.
Meanwhile, Solana has seen approximately 16,000 new tokens introduced, with thousands of new tokens emerging daily. However, the prices of some of these tokens are being artificially inflated by speculators. Solana’s low transaction fees have positioned it as the go-to blockchain for the launch of meme coins. As a result of the surging popularity of meme coins, the value of SOL (Solana’s native cryptocurrency) nearly doubled at the start of the year, reaching over $200 for the first time since late 2021.