There has been a noteworthy increase in transaction volume on the Solana blockchain during the month of January. The combined volume of SOL and SPL tokens on the network has reached $951.9 billion, which is a 30% surge from the previous month’s volume of $735.8 billion – the highest volume in several months.
This level of transaction activity is significantly higher than what was seen in 2022 and most of 2023, with the lowest point in September 2023 at $40 billion.
Additionally, on Monday, the price of Sol rose above $100 once again, and it seems that the rise in trading activity on decentralized exchanges was driven by WEN token pairs.
According to data from Dune Analytics, the top five DEX trading slots in the past 24 hours were dominated by stablecoin-SOL, stablecoin-WEN, and SOL-WEN pairs.
