In March, merchants purchased and bought greater than $261 billion in tokens on decentralized exchanges, almost $25 billion increased than the perfect month of 2021.
In accordance with DefiLlama, Memecoin merchants pushed decentralized buying and selling exercise to an all-time excessive final month.
Buying and selling quantity in March reached an all-time excessive of $261 billion, surpassing the earlier peak in November 2021, when DEX buying and selling quantity was $237 billion. Final month additionally greater than tripled from February, when merchants purchased and bought $121 billion in crypto property.
The best-ranked platform in March was Ethereum, valued at $75 billion, adopted by Solana, the most well-liked ecosystem for meme cash, valued at $58 billion. Binance Good Chain (BSC) ranks among the many prime three with $46 billion.
It’s price noting that Coinbase’s layer 2 community, Base, got here to prominence in March. After not showing on DefiLlama’s dashboard for 5 months, its income hit $7.75 billion final month. May expire There may be rising curiosity in meme cash akin to DEGEN.
L2 is having fun with its personal memecoin season, with the business’s market capitalization hovering 60% from $1.02 billion on March 25 to $1.63 billion in the present day, and one other 7% in the present day.
Whereas spot Bitcoin ETFs have acquired most mainstream media consideration, memecoin has been pushing in direction of new all-time highs in current months. The business, identified for its disrespectful and generally vulgar or downright racist code, has been within the midst of a bull run itself, with six meme cash making it into Coingecko’s prime 100.
