SOL, since its emergence in 2020, has surpassed Ethereum in 24-hour decentralized exchange (DEX) volume for the first time, marking a historic milestone. This development did not go unnoticed by cryptocurrency whales and enthusiasts. The Solana community is celebrating this turning point with the quick sell-out of all Saga Mobiles and the meme coin Bonk hosting several records.
Solana Overtakes Ethereum
According to data provided by DeFiLlama on December 16, the Solana chain surpassed the Ethereum chain in DEX volume for the first time since its inception. Briefly discussing the Solana proof-of-stake (PoS) blockchain, it was launched in 2018 by Solana Labs, co-founded by Anatoly Yakovenko and Raj Gokal.
It wouldn’t be wrong to say that numerous factors contributed to SOL reaching this point. One of the leading factors might be the intense sales of Solana Mobile.
At the same time, another factor could be the Solana-based dog-themed meme coin Bonk, which might have benefited SOL with its significant changes. Last week, BONK experienced an incredible period with large transaction volumes and contributed to the rising sentiment in the Solana ecosystem.
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Circle CEO Jeremy Allaire also made a statement. According to the CEO, the day Solana surpassed Ethereum and sold out Saga Mobile was described as a “big day for Solana.” Raj Gokal of Solana responded to this critical point as “An incredible milestone. In 6 years, we’re just getting started!”
Anatoly Yakovenko agreed with the view that Solana is better than Ethereum, while also not forgetting to mention that developers have contributed significantly to Solana’s success. The ecosystem is also continuing its efforts to improve with “Solana DeFi 2.0.”
Solana and BONK Price Movement
The price of SOL increased by 15% over the last 16 days and then reached $79.15. As of writing, SOL is trading at $74. The lowest and highest prices of SOL in the last 24 hours were $71.57 and $79.15, respectively. Additionally, the trading volume has shown a relatively high decrease of 20% in the last 24 hours, falling to $2.3 billion. This indicates a decrease in interest among traders.
Meanwhile, the price of BONK experienced an increase of 131% in one month and then fell by 22% in the last 24 hours. The current price level is at $0.00002431. The lowest and highest prices within the last 24 hours were $0.0000220 and $0.0000315, respectively. The trading volume also saw a decrease of 14% in the last 24 hours.
