According to The Defiant, last month’s meme coin trading frenzy has propelled decentralized exchanges (DEX) trading activities to a new all-time high. Data from DefiLlama shows that DEX trading volume reached $261 billion in March, surpassing the peak of $237 billion set in November 2021. Additionally, DEX trading volume in the previous month more than doubled compared to February.
In March, Ethereum-based DEX had the highest trading volume, reaching $75 billion, followed by the meme coin-favored ecosystem Solana with $58 billion in trading volume. Binance Smart Chain (BSC) ranked third with $46 billion.
It is worth noting that the DEX trading volume on Base, a Layer 2 network under Coinbase, reached $7.75 billion in March, significantly higher than the previous months. This could be attributed to the growing interest in meme coins like DEGEN.
Despite the overall increase in trading activity in the cryptocurrency market, the NFT market has yet to gain momentum. Data from CryptoSlam shows that monthly NFT sales remain steady at around $1.3 billion, still far from the peak of $6 billion set in January 2022.
