Solana DEX Volume Hits a Record High of $109.8 Billion, Justin Sun Invests $30 Million in WLFI, Altcoins Soar as Bitcoin Nears $100,000: Nov 26
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Release Time:11/26/2024 05:28:30
Last Updated:11/26/2024 06:24:45
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Bitcoin is currently priced at $92,999 with -5.00% decrease from the last 24 hours, while Ethereum is at $3,414, up by +1.60% in the past 24 hours. The market's 24-hour long/short ratio in the futures market was almost balanced at 48.2% long versus 51.8% short positions. The Fear and Greed Index, which measures market sentiment, was at 80 yesterday and maintains the Extreme Greed level at 79 today. The crypto market is heating up as Solana’s DEX volume smashed records at $109.8 billion and SOL is now pushing toward $300. Justin Sun shook the market with a $30 million investment in Trump-backed WLFI. Bitcoin’s climb toward $100000 has ignited a massive altcoin rally. Key players in the altcoin space like Cardano, Stellar, and Kusama are surging. 

 

What’s Trending in the Crypto Community? 

  1. MicroStrategy acquired 55,500 Bitcoins for approximately $5.4 billion between November 18 and 24, at an average price of $97,862 per coin.

  2. Pump.fun surpasses Tether for the first time, becoming the highest revenue protocol in 24 hours.

  3. Ethereum blockchain regains dominance in USDT supply, surpassing Tron for the first time since 2022.

  4. Justin Sun invests $30 million in Trump's crypto project WLFI.

 Crypto Fear & Greed Index | Source: Alternative.me 

 

Trending Tokens of the Day 

Top 24-Hour Performers 

Trading Pair 

24H Change

LDO/USDT

+12.69%

ARB/USDT

+7.33%

AAVE/USDT

+7.27%

 

Trade now on KuCoin

 

Read More: Bitcoin Price Prediction 2024-25: Plan B Forecasts BTC at $1 Million by 2025

 

Solana DEX Volume Hits Record High. Is SOL Price Headed to $300?

Solana is dominating the blockchain space. Its decentralized exchange volume has smashed records while its native token SOL is surging. This remarkable achievement has cemented Solana’s dominance and driven its native token SOL to new heights. As Solana continues to outperform other chains in metrics and adoption its price trajectory suggests a climb to $300 is within reach. Solana's rise in activity and technical strength could push SOL to $300.

 

Monthly DEX volumes, comparing chains. Source: DefiLlama

 

Solana's DEX Trading Volume Smashes $100 Billion Milestone

Solana’s decentralized exchange trading volume has exploded this month. Data from DefiLlama shows the network reached $109.8 billion in DEX volume by November 25, 2024. This is a 109 percent increase from October's $52.5 billion. Ethereum in comparison only hit $55 billion during the same period. Solana’s daily DEX volume peaked at $7.14 billion on November 18 while weekly volumes reached a record-breaking $41.6 billion by November 17. The last time Solana approached these levels was in March when monthly trading volume topped $59.8 billion. Low transaction costs, fast processing speeds and a resurgence in memecoin activity are driving this surge.

 

Read more: All About CHILLGUY, the Viral TikTok Memecoin Surging Over 6,000% to a $700M+ Market Cap

 

Strong On-Chain Metrics Bolster Solana’s Dominance

On-chain metrics paint an even stronger picture for Solana. Active addresses on the network reached nearly 25 million in November according to Glassnode data. Platforms like Pump.fun and Raydium DEX have become significant contributors to this growth generating $71.5 million and $182 million in monthly fees respectively. Solana’s ecosystem has become a hotspot for users seeking speed and efficiency. Crypto analyst Aylo has noted Solana’s dominance in DEX volume stating that it now represents 29.5 percent of Ethereum's market capitalization. Solana’s user activity and ecosystem expansion continue to push its metrics to new highs.

 

Cryptocurrencies, Markets, Donald Trump, Decentralized Exchange, Market Analysis, Altcoin Watch, Solana, US Elections 2024

Solana: number of active addresses. Source: Glassnode

 

SOL Price Targets $300

SOL surged 61.5% since November 5 reaching $263 on November 22. The rally aligns with broader market optimism after President-elect Donald Trump’s victory and Bitcoin's approach to $100,000.

 

Technically SOL has broken out of a rounded bottom pattern. This setup targets $300 which is a 19 % increase from the current price. The Relative Strength Index (RSI) is at 70 indicating bullish conditions though overbought signals could trigger a pullback to $200.

 

SOL/USD weekly chart. Source: TradingView

 

Justin Sun Invests $30 Million in Trump-Backed Blockchain Project WLFI

Source: World Liberty Financial

 

Tron founder Justin Sun invested $30 million in World Liberty Financial (WLFI) on November 25, 2024. Backed by the Trump administration, WLFI aims to drive mass adoption of US-dollar stablecoins. Sun’s investment makes Tron the largest backer of the project which has partnered with Aave to create applications for stablecoin use cases. Despite raising $51 million so far WLFI has not yet reached its $300 million fundraising goal. The project focuses on ensuring the US dollar remains the global settlement layer. WLFI plans to use Aave to develop applications for stablecoins to keep the US dollar as the global settlement layer. Despite raising $51 million it has fallen short of its $300 million goal.

 

Tron founder Justin Sun said in a social media post on Nov. 25 that TRON has become the largest WLFI investor. Sun added:

 

“The U.S. is becoming the blockchain hub, and Bitcoin owes it to @realDonaldTrump! TRON is committed to making America great again and leading innovation. Let’s go!”

 

Altcoins Soar as Bitcoin Faces Slight Correction to Below $95, 000

Bitcoin's momentum continues to lift altcoins. Ethereum has gained around 7.83% for the week, trading at approximately $3,424. Cardano saw a significant rise, increasing by over 36% to surpass $1. Stellar surged by around 66%, reaching $0.49, while Kusama experienced the largest increase, climbing over 100% to trade above $46.

 

Ethereum price trend | Source: KuCoin 

 

Bitcoin’s ongoing rally has created a ripple effect across the crypto market with altcoins recording significant gains. This altcoin surge underscores the broader market sentiment. President-elect Donald Trump’s win has injected fresh optimism into the crypto space with many seeing his policies as favorable to blockchain innovation. The anticipation of Bitcoin breaking $100000 has further amplified this enthusiasm creating a positive feedback loop for altcoins.

 

The altcoin rally highlights the resilience and potential of the crypto market beyond Bitcoin. Projects like Solana Cardano and Stellar demonstrate that strong fundamentals and growing adoption can drive significant price movements even in the shadow of Bitcoin’s dominance. As the market continues to heat up altcoins are well-positioned to capture investor attention and deliver substantial returns. The optimism surrounding Bitcoin’s approach to $100,000 has fueled these gains as the market anticipates further upward movement.

 

Conclusion

Solana is leading the charge in blockchain innovation and adoption. Its record-breaking decentralized exchange volume and strong on-chain metrics reflect its dominance. The momentum behind SOL suggests that $300 is not far off. As Bitcoin continues its climb to $100000 and altcoins follow in its wake the crypto market is poised for further explosive growth in 2024. Solana’s performance underscores the transformative potential of blockchain technology in a rapidly evolving digital economy.

Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information. Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.
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