The Solana network has seen a resurgence amid an effort to combat congestion issues that had been rampant the last week. Moreover, that work resulted in Solana DEX volumes once again returning to the $1 billion level amid the update, with the blockchain’s meme coin offerings returning to popularity.
Additionally, the update led to an increase of as much as 9% for Solana (SOL), which is currently trading at $152 according to CoinMarketCap. Indeed, the impressive post-update performance of Solana has been contradictory to the ongoing regulatory pressures that have been placed on Decentralized Finance (DeFi) in recent weeks.
Also Read: Solana’s Latest Update Targets Congestion Woes – Uptick Incoming?
Solana DEX Volume Surges Despite DeFi Scrutiny
Solana has had quite an interesting 2024 thus far. Despite being just three months into the year, the network has seen increased prevalence in the market. Specifically, that came as a byproduct of a meme coin frenzy that skyrocketed the digital asset subsect in March. Yet, that was also jeopardized by consistent network congestion issues.
However, those have been remedied by an update that was issued today. SUbseuqnlety, Solana has seen its DEX volume once again reach $1 billion, according to DEX Screener, alongside that update. Additionally, SOL has also surged, increasing as much as 9% as the blockchain has thrived.
Also Read: Solana (SOL) Weekend Price Prediction
Yet, its DEX increase is still taking place despite pressure on the sector. Last week, the US Securities and Exchange Commission (SEC) issued a Wells Notice to Uniswap. One of the leading DeFi exchanges, the platform vowed to embrace a fight for regulatory clarity with the agency.
There has been a growing concern that this action signals a shifting focus for the agency. Specifically, there are rumblings that its recent action denotes a focus on clamping down on DeFi platforms. This would mirror their regulation through enforcement tactics that they have used with the wider digital asset market.
However, Solana’s success amid that concern has further solidified the popularity of its meme coin offerings. Indeed, assets like Book of Meme (BOME) and Dogwifhat (WIF) have proven immensely successful since their debuts this year. Currently, the market appears to be in the midst of a recovery, with meme coins feeling the embrace of investors.