Trump Meme Coins Send Solana DEX Volume Through the Roof

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Solana recently achieved a significant on-chain milestone over the weekend, amidst the surge in popularity of meme coins associated with the family of President-elect Donald Trump. On Saturday, its decentralized exchange (DEX) trading volume peaked at an impressive $28.2 billion.

During the meme coin frenzy linked to President-elect Donald Trump’s family, Solana reached a remarkable on-chain achievement over the weekend. Specifically, its decentralized trading volume soared to a staggering $28.2 billion on Saturday.

According to Dan Smith, Blockwork’s research analyst, the trading volume for decentralized exchanges (DEX) soared close to $40 billion on a single day, which was Sunday.

In a tweet, Smith stated that Solana achieved consecutive record-breaking DEX trading volumes with $28.2 billion yesterday and $39.2 billion today. Today’s trading also included $12 billion on tokens related to the Trump family, $12.9 billion in transactions involving SOL-USD, and approximately $1.5 billion in swaps involving stablecoins.

After the highly popular meme coin called Official Trump was introduced a few hours prior, the incoming first lady also debuted her own meme coin, named Official Melania Meme, both on Solana. This dual launch spurred increased activity in decentralized exchanges (DEX) as investors rushed to Phantom, Raydium, Jupiter, and other platforms to speculate on these new coins.

Community Reactions to Solana’s Milestone

Indeed, the surge in traffic was so immense that it caused some Solana-based applications and wallets like Phantom to become overloaded. As a result of this massive influx, Phantom handled around 8 million transactions per minute from approximately 10 million users. This unprecedented volume of activity led to delays in transaction processing and an increase in median fees.

However, at the time of publication, the service has stabilized. In spite of the difficulties, Solana’s leadership commended the network’s strength and maturity. Responding to this news, Mert Mumtaz, a co-founder of Helius Labs, commented:

“We undoubtedly faced difficulties in this area, but we could have performed more effectively; next time around, we’ll do better… On the other hand, Solana DEXes are outperforming traditional stock exchanges, while Solana apps are consistently ranking among the top 10 global apps, and even some presidents of countries are introducing their tokens on Solana.

In a similar vein, Raj Gokal, one of the founders of Solana, likened their blockchain platform to the NASDAQ stock exchange.

“All-time highs for any chain in history. This is ~10% of daily Nasdaq volume,” stated Gokal.

Ben Zhou, the co-founder and CEO of Bybit exchange, acknowledged Solana’s dominance in on-chain trading with a staggering $158 billion monthly volume in January. Yet, Zhou expressed that Bybit is committed to enhancing its platform to reduce the number of failed transactions for its users when using Solana.

Although CEX trading remains unaffected, Zhou mentioned that we are enhancing our infrastructure for the Solana blockchain. This includes adding more RPC node providers and implementing multi-node broadcasting. The aim is to boost the likelihood of successful on-chain transactions.

SOL price hit a record high of $295 amid the Trump family meme craze.

The upward trend for SOL has slowed and currently hovers near its November high of approximately $260. Using a Trend-Based Fibonacci Extension tool, if the bullish momentum continues over the next few days, we could potentially see the price reaching $350. Conversely, if there are downward risks, previous support levels at $200 and $185 may come into play again.

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2025-01-20 15:30