🚀Solana Price Hits New Record High Against Ethereum💰
🔮Solana is up roughly 600% against Ethereum since 2023 thanks to the memecoin mania. Solana (SOL) is starting to gain attention as a serious contender for Ethereum (ETH), despite its market cap being roughly four times smaller than that of the leading smart contract platform.
On October 23, the SOL/ETH pair hit a new record high of around 0.0692 ETH. The move is part of a prevailing bullish trend that has seen it surge 600% since 2023. Solana DEX Volume Approaches EthereumOne of the main drivers of Solana's recent surge appears to be the explosion in the use of decentralized exchanges (DEXs) on its platform.
For example, Solana's daily DEX trading volume (grey) has seen steady growth since August 2023, with a clear acceleration starting in early 2024.
It has at times matched or even surpassed Ethereum's DEX volume (green) during peak periods.
