2023-12-20 09:18:03
It’s crypto expert Lark Davis In his analysis published on X shared that SOL PRICE has hit several rounds on Ethereum recently.
In the video, he talks about how the layer-1 blockchain has overtaken Ethereum in the 24-hour volume recorded on decentralized exchanges. According to Davis, this is the first turnaround of its kind in the network’s history.
Looking at the graphs, the analyst highlighted that Solana registered $1.475 billion during the period. In contrast, ETH PRICE made $1.164 billion over the same period, more than $300 million less than Solana.
BREAKING: @solana FLIPS @ethereum IN 24H DEX VOLUME FOR THE FIRST TIME IN HISTORY pic.twitter.com/fmcYjnlyeq
— DEGENERATE NEWS ????️ (@DegenerateNews) December 16, 2023
Davis attributed the surge in Solana’s DEX activity to lower network costs. The analyst went on to say that the cost of executing transactions on Solana is more favorable than on Ethereum, making it an attractive alternative for traders.
By the way, Solana also surpassed BNB PRICE in terms of the number of daily active users. This happened after the network registered more than one million daily active users.
The analysis also deals with the fact that Solana’s TVL (Total Volume Locked – total locked volume) rose to more than $1 billion. While it is still far from its $10 billion all-time high, the analyst noted that the recent rise indicates renewed interest in Solana.
According to CoinMarketCap, Solana has increased its value by more than 10% in the last 24 hours.
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