As of January 30, 2025, Solana has captured over 50% of the decentralized exchange (DEX) market, peaking at an impressive 89% market dominance recently. This surge is attributed to the popularity of the Pump.fun launchpad and the launch of meme coins such as $TRUMP and $MELANIA.
Solana's DEX platform, Jupiter, which accounts for 70% of its transaction volume, recently acquired Moonshot, a self-custodial app for meme coin purchases. This acquisition is expected to enhance Solana's adoption and reputation in the meme coin sector.
Despite the trading surge, infrastructure issues such as congestion and increased transaction fees have been highlighted. Investors are closely monitoring Solaxy ($SOLX), the first Layer-2 solution for Solana, which aims to address these issues and improve transaction speeds and costs.
Currently, Solaxy is in its presale phase, with tokens priced at $0.00162 and a staking APY of 243%. The potential for Solana's price to rise significantly remains, especially with ongoing developments and broader market trends.