Solana Threatens To Unseat Ethereum In Trade Volume With $1 Billion In Single Day

Christian Encila

1 year ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Solana, the blockchain platform launched in 2020, has achieved a significant milestone, trailing Ethereum in 24-hour decentralized exchange (DEX) volume. This historic accomplishment has garnered widespread attention from crypto leaders and enthusiasts alike, signaling a notable shift in the dynamics of decentralized finance (DeFi).

As the news reverberates through the crypto space, additional elements of Solana’s success come to light. The celebration extends beyond DEX volume triumphs, with the entire Saga Mobile inventory selling out.

This unexpected surge in demand underscores the growing popularity of Solana-based projects. Furthermore, the meme coin BONK, associated with the ecosystem, has broken multiple records, adding a touch of exuberance to the community’s festivities.

Wow, what a day 🔥🔥🔥

We’ve officially SOLD OUT of Saga phones in the US! A huge thanks to everyone who’s been part of this journey ♥️

To our frens in Europe, we’ve still got a few left for you.

Stay tuned for what’s next 🫡

— Solana Mobile 🌱 (@solanamobile) December 15, 2023

Solana Trails Closely Behind Ethereum

For the first time ever, Solana is inching closer to dethrone Ethereum in total decentralized exchange (DEX) volume over the last day, according to data from DefiLlama.

The data shows that Ethereum has accumulated $945 million in a single day, whereas Solana has had an astounding surge of $940 million, in second spot. As of this writing, Solana’s weekly change was 37.10%, whereas Ethereum had a decrease of more than 4%.

SOL new record trading volume. Source: DefiLlama

Solana has been growing at an impressive rate this year; earlier this month, it overtook Ethereum in the NFT sales figure. The digital currency achieved this run at a time when its future appeared unstable after the implosion of FTX and the attendant SOL sell-offs, while having the biggest growth margin among the top 15 cryptocurrencies year-to-date.

SOL trails ETH by a close margin. Source: DefiLlama

A multitude of factors played a role in reaching this significant milestone. It includes significant purchases of Solana Mobile, high trading volumes on the dog-themed joke coin BONK, and optimistic views about the Solana ecosystem.

Many have referred to this outstanding accomplishment as a rare occurrence, and Anatoly Yakovenko, the founder of Solana, expressed his surprise at reaching the enormous milestone.

SOL market cap currently at $29 billion. Chart: TradingView.com

Positive Achievements

The announcement of Solana’s sale of Saga Mobile is a “huge day for Solana,” according to Circle CEO Jeremy Allaire.

Raj Gokal of Solana responded to these achievements by remarking, “Incredible milestone. 6 years in, just getting started!”

CoinMarketCap data shows that BONK surpassed expectations with a spectacular gain, displaying an exponential leap of 100% within 24 hours.

#Binance will list @bonk_inu $BONK with Seed Tag applied.

👉 https://t.co/BVs6KjrRvK pic.twitter.com/AKB6mlwnkL

— Binance (@binance) December 15, 2023

The coin’s entry onto major exchanges coincided with this exponential escalation, which excited investors wanting to experience the exhilarating rollercoaster ride.

Meanwhile, a sell-off is causing Solana’s price to startlingly buckle under its own weight. As of this writing, CoinMarketCap data shows that Solana is trading at $74, a 5.65% decrease in value.

Featured image from Pixabay

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.