Prominent analytics firm Santiment says a handful of low-cap altcoins are seeing a drastic rise in the count of new wallets created over the past week. In a thread on the social media platform X, Santiment says the artificial intelligence (AI) related crypto project IQ.wiki (IQ) leads the pack after seeing a massive rise in […]
The post Four Under-the-Radar Altcoins Witnessing ~10x Surge in Number of New Wallets Created in One Week: Santiment appeared first on The Daily Hodl.
Monthly trading volume on decentralized exchanges (DEXes) has reached new all-time highs, according to the latest on-chain data. According to blockchain data aggregator DefiLlama, DEX volume for December was $422 billion, the highest ever on record. The month of November was also an all-time high, according to DefiLlama. Uniswap, Ethereum’s (ETH) biggest DEX, recorded the […]
The post Volumes on Decentralized Exchanges Soar to an All-Time High of $478,838,000,000 in December: On-Chain Data appeared first on The Daily Hodl.
A lucky crypto trader scored a gigantic return after investing early in the new native asset of a non-fungible token (NFT) project built on Solana (SOL). The market analytics platform Arkham Intelligence notes that someone bought only $6 worth of PENGU, the new utility token for the NFT project Pudgy Penguins, then added it to […]
The post From $6 to $87,000: Early PENGU Holder Scores Big on Solana-Based Memecoin: Arkham appeared first on The Daily Hodl.
Meme coin trading was a key driver of Raydium’s volume with meme coins accounting for 65% of Raydium’s monthly volume. Raydium Is King of DEXs Raydium (RAY), a decentralized exchange (DEX) on Solana has exceeded Uniswap‘s monthly DEX volume for two months in a row. This saw Raydium emerge as the top DEX by volume […]
Solana-native Raydium beat Uniswap in decentralized exchange trading volumes in October and November, according to Messari.
Decentralized exchange (DEX) Raydium has surpassed Uniswap in monthly volumes for the second month in a row, according to a Dec. 10 Messari report.
In November, Solana native Raydium beat Uniswap — generally the most popular DEX — in monthly volumes by roughly 30%, or approximately $30 billion, according to the Messari report.
This followed a narrower win in October, when Raydium outperformed Uniswap by approximately 10%, according to a Nov. 17 post on the X platform by Ryan Watkins, co-founder of Syncracy Capital.
A notable surge in activity puts analysts’ eyes back on Ethereum. Can the Ethereum network catch up to and surpass Solana?
The Ethereum network has long been criticized for high transaction fees, which often exceed $4. However, the exponential growth of layer-2 blockchains has created a sustainable solution for decentralized applications (DApps) that require higher scalability. This ecosystem saw a 70% increase in volumes over the past 30 days, but can it match Solana’s success?
Decentralized exchanges 30-day volumes, market share. Source: DefiLlama
While Solana may have surpassed Ethereum's base layer activity, it still falls short when considering Ethereum's layer-2 blockchains. Solana captured 35.4% of the decentralized exchange (DEX) volumes in November, up from 27.2% in October, according to DefiLlama data. In comparison, Ethereum and its layer-2 ecosystem accounted for 45.2% of the market share in November, down from 50.1% in October.
Solana’s onchain and derivatives data suggest that SOL could make a run back toward its all-time high in the short term.
Solana's native token, SOL (SOL), has surged 8% since falling to $222 on Nov. 26. Despite this recovery, some investors remain skeptical, citing the sharp correction from its all-time high of $263.80 on Nov. 23 as a potential sign of a faltering bull run. However, onchain and derivatives data suggest that SOL still holds significant upside potential.
SOL/USD (blue) vs. altcoin market cap (purple). Source: TradingView /Cointelegraph
Investor frustration partly stems from SOL’s modest 1% gain between Nov. 20 and Nov. 27, during which the broader altcoin market capitalization climbed 12%. Several tokens outperformed significantly, with Stellar (XLM), Celestia (TIA), Fantom (FTM), Uniswap (UNI), and Polkadot (DOT) posting gains of 40% or more during the same period.
Everything but ETH seems to be rallying, even though Ethereum’s DApp volumes are surging. What gives?
Ether (ETH) price has struggled to maintain levels above $3,200 between Sept. 13 and Sept. 19. However, onchain metrics have improved, particularly when compared to some of Ethereum’s direct competitors. Traders are now questioning how long it will take for Ether to resume its bull run, given its dominance in fees and network deposits.
Blockchains ranked by 30-day DApps volumes, USD. Source: DappRadar
No blockchain comes close to Ethereum's $149.9 billion in onchain volumes over the past 30 days. The second-largest competitor, BNB Chain (BNB), reached only $26.6 billion, 82% smaller despite offering much lower transaction fees. More importantly, Ethereum’s activity grew by 37.7% over the past month, while BNB Chain saw a 6% decline in volume.
A sharp uptick in Solana network activity and the blockbuster performance from memecoins back SOL’s rally toward $180.
Solana's native token, SOL (SOL), gained 12.1% from Oct. 11 to Oct. 18 and data suggests that the upward momentum was partially driven by demand for memecoins. Increasing demand translates to higher network volumes, fees, and total value locked (TVL).
Traders are now debating whether the memecoin craze is sustainable and how SOL's price can continue to benefit from the surge in network activity.
While there is no fundamental basis for the surging demand for memecoins, it is clear that influential social media accounts direct traders' attention to the tokens. Take this Oct. 12 post from pwnlord69 as an example.
SOL recently rallied to $152 but will a decline in Solana’s network TVL negatively impact the altcoin’s price?
Solana (SOL), the native token of the Solana network, surged 16.4% between Sept. 18 and Sept. 20, but the $152 resistance level proved more formidable than expected, leading to a 6% pullback to its current level of $143.
Investors are now questioning the cause of SOL's price weakness and whether the recent outflows from Solana network deposits signal a potential retest of the $120 support.
The recent gains in SOL price followed a broader altcoin market rally, which saw an 11% increase since Sept. 18, spurred by the US Federal Reserve's decision to cut interest rates. This shift toward a more accommodative monetary policy also fueled a rally in the S&P 500 stock index, which reached an all-time high on Sept. 19.
