March witnessed an extraordinary surge in decentralized exchange (DEX) activity, driven primarily by the booming memecoin market, as reported by DefiLlama.
In March, we also marked a historic milestone with a record-breaking transaction volume of $261 billion, eclipsing the previous peak in November 2021, which stood at $237 billion. This surge represents a twofold increase from February’s trading volume of $121 billion, underscoring the growing influence of memecoins in the crypto space.
Leading the charge in March were Ethereum-based DEXs, recording a staggering $75 billion in trading volume. Following closely behind was Solana, the preferred ecosystem for memecoins, which saw $58 billion in transactions. Binance Smart Chain (BSC) rounded out the top three with $46 billion in trading volume.
Notably, Coinbase’s Layer 2 network, Base, made a significant entrance onto the DEX scene in March. After a five-month absence from DefiLlama’s dashboard, Base recorded an impressive $7.75 billion in trading volume last month, likely fueled by the rising interest in memecoins such as DEGEN.
The Layer 2 space is experiencing its memecoin frenzy, with the sector’s market cap skyrocketing by 60% from $1.02 billion on March 25 to $1.63 billion today, with an additional 7% spike recorded today alone.
While mainstream media attention often gravitates towards spot Bitcoin ETFs, memecoins have been quietly surging to all-time highs in recent months. Known for their irreverent nature and sometimes controversial tickers, memecoins have carved out their own bull run, with six memecoins now ranking among the top 100 on coingecko. This trend highlights the growing prominence and influence of memecoins within the broader cryptocurrency landscape.
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