Jupiter (JUP) and Raydium (RAY) prices went vertical on Monday morning as their volume continued rising in the Decentralized Exchange (DEX) industry.
JUP token surged to a record high of $1.9191, higher than the all-time low of $0.4360. It has soared by over 315% from its lowest point this year. Raydium’s RAY token, on the other hand, rose to $2.65, higher than last year’s low of $0.85.
Jupiter and Raydium market share
The main reason why the JUP and RAY prices jumped sharply is that they have become the biggest decentralized exchange (DEX) platforms in the industry.
Data compiled by CoinMarketCap shows that these two exchanges handled the most tokens in the past 24 hours. Raydium handled tokens worth over $1.21 billion, giving it a market share of 13.8%. Jupiter, on the other hand, processed transactions worth over $1.2 billion, handing it a market share of 13.18%.
Orca, another popular Solana DEX, processed $622 million in transactions. This is a remarkable performance considering that these platforms had no major market share a few months ago. Instead, the industry was dominated by the likes of Uniswap, dYdX, and PancakeSwap.
Solana meme coins thrive
Jupiter and Raydium volume is surging as investors focus on the performance of Solana, which has constantly outperformed Ethereum recently. Solana price jumped to over $200 on Monday, much higher than last year’s low of $12.90.
Additionally, Solana has become the second-biggest player in the Decentralized Finance (DeFi) industry. The total value locked (TVL) jumped to over $11 billion compared to Ethereum’s $109 billion and Tron’s $10 billion. It has over 1.04 million addresses.
Solana meme coins are also thriving. Data by CoinGecko shows that Dogwifhat (WIF) has become the third-biggest meme coin after Dogecoin and Shiba Inu. Bonk has a market cap of over $142 million, making it the six-biggest meme coin in the world.
Newer Solana mme coins are also doing well. The most notable is Book of Meme, which has grown its market cap to over $500 million. Cats in a Dogs World (MEW) has also grown its market share recently as it jumped by over 300% in the past seven days.
Therefore, Jupiter and Raydium are thriving because of the strong demand for these meme coins. These coins do well because of their cheaper price and the lure for quick wealth. Most day traders believe that it is easier to make money trading these tokens compared to Bitcoin, which is trading at over $70,000.
Solana meme coins have also become highly popular because of the low transaction costs compared to Ethereum ones.
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