Memecoins Spark Surge in Monthly DEX Trading Volumes

During March, the trading volume on decentralized exchanges exceeded that of the best month in 2021 by nearly $25 billion, with traders buying and selling tokens worth over $261 billion.

According to DefiLlama, memecoin traders propelled decentralized exchange activity to unprecedented levels last month.

In March, there was a record-breaking transaction volume of $261 billion, surpassing the previous peak in November 2021, which saw $237 billion transacted across DEXs. Last month also witnessed a more than twofold increase from February, with traders exchanging $121 billion worth of crypto assets.

In March, Ethereum led the pack with $75 billion in transaction volume, followed by Solana, the favored ecosystem for memecoins, which recorded $58 billion. Binance Smart Chain (BSC) secured the third position with $46 billion.
Coinbase’s Layer 2 network, Base, reappeared on DefiLlama’s dashboard after a five-month hiatus, registering $7.75 billion in transaction volume. This surge likely correlates with the increasing interest in memecoins like DEGEN.

Currently, Base’s Layer 2 network is witnessing its own uptick in memecoin activity, with the sector’s market capitalization surging by 60% from $1.02 billion on March 25 to $1.63 billion today, accompanied by an additional 7% spike.

Despite the predominant focus of mainstream media on spot Bitcoin ETFs, memecoins have consistently been reaching new peaks in recent months. Even with their reputation for irreverence and occasionally controversial ticker symbols, six memecoins have managed to secure spots in the top 100 on Coingecko.

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