Solana's DEX Milestone Fails to Boost Token Price

Solana has surpassed Ethereum in decentralized exchange trading volume, reaching 【$64.1 billion】 over 30 days compared to Ethereum's $61.4 billion, according to DefiLlama data. Despite this achievement, SOL's price remains 15% below its June peak of $168, raising questions about the correlation between network activity and token valuation.

Memecoin Collapse Dampens Enthusiasm

The fading popularity of Solana-based memecoins presents a significant headwind. ——Major tokens like Giga and Popcat have plunged over 35% in two weeks——, eroding one of the network's key growth drivers. This decline comes despite Solana capturing 23.8% of the total DEX market share, up from 19.3% in May.

Perpetual Trading Shifts to Hyperliquid

Emerging competition from Hyperliquid has diverted attention from Solana's derivatives market. The newcomer's perpetual trading volume now exceeds the combined total of its five largest rivals by 84%, challenging Solana's position in this crucial sector. Derivatives data shows waning interest in SOL, with negative funding rates persisting through June.

ETF Hopes Remain Key Catalyst

Market participants now pin their hopes on the potential October approval of a Solana ETF. ——This regulatory decision could inject fresh momentum into SOL's price——, similar to Bitcoin's experience following its ETF approval. Technical analysts note Solana's robust infrastructure, including its native collateral system and resistance to transaction manipulation, provides fundamental support.

Long-Term Outlook Hinges on Diversification

While memecoins drove initial growth, Solana's ecosystem now demonstrates broader utility. The network's 【$2.78 average transaction fee】 and 3,000+ TPS capacity continue attracting developers, though whether this translates to sustained SOL price appreciation remains uncertain. All eyes now turn to whether DEX volume growth can precede a price recovery before October's ETF decision.