Decentralized exchanges on the Solana blockchain achieved a new milestone in March, with trading volume exceeding $60.34 billion, according to DeFiLlama data. This marked a significant increase compared to the previous record of nearly $28.14 billion in December 2023, making it the second-highest on all blockchains after Ethereum's $77.55 billion.

Solana's success was followed by BSC with $47.81 billion in trading volume and Arbitrum with $27.74 billion, while BASE saw a notable 7x growth to $7.8 billion. The rise in trading volume was attributed to the increased interest in memecoins within the Solana ecosystem, including Dogwifhat (WIF), Bonk (BONK), and others, as well as meme coins related to political figures like Donald Trump and Joe Biden.

Meme coins like Popcat (POPCAT) also saw substantial gains, with a 45% increase to over $0.33. Despite the market's volatility, Dogwifhat ended March with a 43.9% increase, while Bonk saw a 1.3% rise. The leading DEXs on Solana included Orca with $3.6 billion in trading volume, Raydium with $1.73 billion, and Phoenix with $1.6 billion in the past week.

Jupiter, a decentralized exchange aggregator on Solana, experienced a 24.9% increase in its native token JUP amid the heightened trading activity. While meme coins drove buying frenzies on the network, Solana's token SOL faced a 4% decrease in its value at the start of April, priced just below $189.

Despite this, Solana's market capitalization hit an all-time high of over $90 billion in March, demonstrating the growth and engagement in decentralized finance and the meme coin market.