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Trading activity on decentralized cryptocurrency exchanges Jupiter and Orca, both operating on the Solana network, increased by over 25% in the past day. This rise in metrics was driven by the excitement surrounding the meme coin WEN.
As per data from CoinGecko, at 14:00 (GMT+2) on January 29, Jupiter’s daily trading volume surpassed $517 million, marking a 25% increase over the last 24 hours. This Solana-based DEX represents 17.5% of the overall trading volume on decentralized exchanges.
Another Solana-based exchange also experienced a rise in daily trading volume. Orca’s activity jumped by 29.57% in the last 24 hours, with trading volume reaching $255 million.
The significant growth in metrics propelled Jupiter to the forefront among DEXs in terms of trading volumes, while Orca secured a position in the top three. Well-known decentralized exchanges like Ethereum-based Uniswap V3 and BNB Chain-based PancakeSwap V3 reported daily trading volumes of $492 million and $143 million, respectively.
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The surge in performance for the Solana DEXs was fueled by the excitement surrounding the new Wen (WEN) meme coin, of which 1 trillion tokens were distributed to active Solana users. Approximately 70% of the tokens involved in the airdrop were allocated to Jupiter users who had engaged with the DEX for the past six months.
In the last 24 hours, nearly $50 million of Jupiter’s trading volume was attributed to the USDC / WEN trading pair. Another $50 million came from the SOL / WEN pair. About 11.5% of Orca’s total trading volume was generated from the USDC / WEN pair, amounting to nearly $30 million for the day, with an additional approximately $9.4 million from the SOL / WEN pair.
According to CoinGecko, WEN surged by 500% on its first day of trading. In the past 24 hours, its price rose by another 40%, reaching $0.0001638. The market capitalization of the project exceeded $163 million. The excitement surrounding the coin was sparked by LookOnChain data, which indicated that one of the WEN traders earned around $1.6 million from the asset.
Analysts have identified meme coins as a significant factor driving growth in the cryptocurrency market in 2024.
Сообщение Hype Around WEN Meme Coin Increased Trading Volume on Solana-Based DEX появились сначала на CoinsPaid Media.
