In October, Solana outperformed Ethereum in several key metrics. The token surpassed Ethereum in market share for decentralized exchanges, economic value, and liquidity inflows. Additionally, SOL demonstrated strong price performance, reaching over $180 on election day and flipping BNB.
Solana Surpasses BNB, Trounces Ethereum in October
Solana, considered by some as one of the largest rivals of Ethereum in the cryptocurrency arena, showed its strength in October, surpassing it in several key metrics. The smart contracts blockchain performed superbly, surpassing all other chains in decentralized exchanges (DEX) market share, economic value, and registered record liquidity inflows.
According to Defillama numbers, the chain dominated all others regarding DEX volumes. The chain’s DEXes hosted over $50 billion in trading volumes, principally powered by the community’s growing meme coin economy. GOAT, the meme coin created by Truth Terminal, an artificial intelligence (AI) bot, was one of the drivers of this volume growth and sparked dozens of copies that launched also on Solana.
This explosion of activity also benefited the network’s captured economic value. While Solana’s fees are low compared to other chains, the gigantic volumes moved pushed it to surpass Ethereum during the last two weeks of October, with this trend continuing into early November, according to Solana Floor.
In addition, Solana was one of the chains of choice by traders, who bridged over $600 million in October. Over 90% of this value was sent from Ethereum. This might be a signal of the growing preference that users and traders have for Solana’s monolithic approach over Ethereum’s fragmented proposition.
Solana’s strong performance continued during election day, with SOL rising over $189 and flipping BNB to become the fourth largest token in the cryptocurrency arena, commanding a market cap of nearly $90 billion.
Last month, Standard Chartered issued a positive prediction that linked SOL’s performance with the victory of Donald Trump in the U.S. elections. The banking giant’s digital asset chief Geoffrey Kendrick specified that solana could skyrocket by 400%, reaching well over $700 as part of a broad space move during a Trump administration.
Source: Bitcoin
