In a notable turnaround, trading volume across both centralized and decentralized exchanges has experienced a significant rebound as the cryptocurrency market witnesses a resurgence in activity.
Leading DEX Networks
According to data from DeFi Llama, decentralized exchange (DEX) networks on Solana, Base, and Sui have emerged as frontrunners in this recovery, with trading volumes rising by 40%, 20%, and 30%, respectively. Over the past week, Solana DEXs reported a robust $7.13 billion in volume, while Base and Sui processed $3.92 billion and $597 million, respectively.
However, it’s important to note that overall trading volumes for both centralized and decentralized exchanges in September remain the lowest since February. DEX networks have collectively handled just over $114 billion, a decline from $172 billion the previous month. In contrast, centralized exchanges (CEX) recorded a volume of $895 billion, down from $1.2 trillion in August. Binance led the pack with the highest trading volume, followed by Bybit, OKX, and Coinbase.
Market Factors Driving the Rebound
The recent upswing in trading volume can be attributed primarily to the ongoing recovery in the cryptocurrency market, fueled by a rise in major cryptocurrencies such as Bitcoin, which recently climbed to $66,000, and Ethereum, which surged to $2,700. This positive momentum was further bolstered by the Federal Reserve’s decision to cut interest rates and a series of stimulus measures announced by the Chinese government. Additionally, the release of Binance founder Changpeng Zhao from prison has also contributed to the market’s buoyancy.
Meme Coin Rally on Solana
The resurgence in trading volume has been particularly pronounced within Solana’s meme coin ecosystem. Data from CoinGecko indicates that Moo Deng (MOODENG) has surged nearly 700% over the past week, pushing its market capitalization to over $300 million. Another token, Mother Iggy (MOTHER), associated with rapper Iggy Azalea, has also gained traction, rising by 96% to reach a valuation of over $112 million. Collectively, the market capitalization of all Pump.fun tokens has exceeded $1.06 billion, with total fees collected rising to over $148 million.
On the Base network, Aerodrome has emerged as the most active DEX, achieving a total value locked of over $1 billion for the first time and handling $2.66 billion in volume in the last week. Following Aerodrome are PancakeSwap and Clober, while Cetus, DeepBook, Turbos, and Kriya lead the DEX landscape in Sui. Other notable performers in the broader market include BNB Chain, Arbitrum, Optimism, and Polygon.
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