The memecoin frenzy helps Solana overtake Ethereum in DEX activity, and over $200 million of positions could be liquidated if the Ether price falls below $3,100.
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The memecoin frenzy has helped Solana-based decentralized exchanges (DEX) top the charts in trading volume, overtaking their Ethereum counterparts. Some tokens eclipsed Ethereum-based memecoins in trading volume on DEXs just hours after launching.
In more memecoin news, the Milady nonfungible token (NFT) collection joined the memecoin rush by launching its own token, which reached $18.6 million within two hours of its presale announcement.
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Source: https://cointelegraph.com/news/memecoins-helps-solana-flip-ethereum-eth-price-drop-raises-fears-finance-redefined