Meme Currency Craze Boosts Online Activities, Decentralized Exchange Sets New Trading Record in March

According to The Defiant, last month’s meme coin trading frenzy has propelled decentralized exchanges (DEX) to a historic high in trading activity. Data from DefiLlama shows that DEX trading volume reached $261 billion in March, surpassing the peak of $237 billion set in November 2021. Furthermore, DEX trading volume last month more than doubled compared to February.

Source: DefiLlama

In March, Ethereum-based DEX had the highest trading volume, reaching $75 billion, followed by Solana, which is favored by meme coins, with a trading volume of $58 billion. Binance Smart Chain (BSC) ranked third with $46 billion.

It is worth noting that the DEX trading volume on Base, the Layer 2 network under Coinbase, reached $7.75 billion in March, significantly higher than the previous months. This may be due to the growing interest in meme coins like DEGEN.

Despite the overall increase in trading activity in the cryptocurrency market, the NFT market has yet to show signs of recovery. Data from CryptoSlam shows that monthly NFT sales have remained steady at around $1.3 billion, still far from the peak of $6 billion set in January 2022.

Source: CryptoSlam

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Successful Conclusion of CoinEx Taiwan’s 7th Anniversary Celebration, Embracing the Arrival of the Web3 Era Hand in Hand with Users

Since its establishment in 2017, CoinEx has been a professional cryptocurrency trading pla…