Decentralized exchanges operating on the Solana blockchain achieved a new milestone in March, recording a trading volume exceeding $60.34 billion, as reported by DeFiLlama data. This achievement marks a significant increase compared to the previous record of nearly $28.14 billion in December 2023 and ranks as the second-highest volume across all blockchains, surpassed only by Ethereum's $77.55 billion during the same month.

BSC ranked third in terms of DEX trading volume with $47.81 billion, followed by Arbitrum in the fourth position with $27.74 billion. Notably, trading volume on BASE experienced remarkable growth, expanding almost sevenfold during the month to $7.8 billion.

The surge in trading activity corresponds with heightened interest in meme coins within the Solana ecosystem, with notable performers including Dogwifhat (WIF), Bonk (BONK), Book of Meme (BOME), and Slerf (SLERF). Meme coins related to political figures such as Donald Trump and Joe Biden also saw gains in March.

Among the Solana DEXs, Orca emerged as the leader with a trading volume of $3.6 billion in the past week, followed by Raydium and Phoenix with $1.73 billion and $1.6 billion, respectively. This increased trading activity has positively impacted Jupiter, a decentralized exchange aggregator on Solana, with its native token JUP experiencing a 24.9% rise over the past week.

While meme coins drive buying frenzies on the Solana network, the SOL token itself experienced a 4% decrease in value in the last 24 hours, currently priced just below $189. However, despite this minor downturn, Solana's market capitalization reached an all-time high of over $90 billion in March, reflecting the significant growth and engagement within the decentralized finance sector and the lively meme coin market.