Summary
- Raydium reportedly ranked first in the DEX market due to a surge in trading volume in January.
- The popularity of meme coins reportedly increased Raydium's market share from 18.8% to 27.1%.
- Solana-based meme coins like Official Trump positively impacted Raydium's trading volume.
The Solana (SOL)-based decentralized exchange (DEX) Raydium (RAY) saw a significant increase in trading volume in January.
According to The Block, a cryptocurrency-focused media outlet, Raydium recorded a 27.1% market share in the DEX market last month, ranking first in trading volume among all DEXs. In December, Raydium's market share was only 18.8%, but it saw a substantial increase in January.
During the same period, Uniswap (UNI) took the second spot with a total market share of 22%. It was followed by PancakeSwap (17%) and Meteora (8.72%).
The surge in Raydium's trading volume in January is attributed to the influence of meme coins. Notably, Official Trump (TRUMP), launched directly by President Donald Trump, is one such example. Official Trump, launched on the Solana-based DEX Moonshot, saw explosive trading volume shortly after its release, reaching a market capitalization of 11 trillion won in no time.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
