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Memecoins Fuel Record Monthly DEX Trading Volumes – The Defiant


Traders bought and sold more than $261 billion of tokens on decentralized exchanges in March, outperforming 2021’s best month by nearly $25 billion.

Memecoin traders catapulted decentralized exchange activity to all-time highs last month, according to DefiLlama.

March registered an all-time high transaction volume of $261 billion, outscoring the last peak in Nov. 2021, when $237 billion was transacted across DEXs. Last month also witnessed a more than twofold increase from February, when traders bought and sold $121 billion of crypto assets.

Monthly DEX Volume

The top platforms during March were Ethereum, with $75 billion, followed by the ecosystem most favored by memecoins, Solana, which saw $58 billion. Binance Smart Chain (BSC) closes out the top three with $46 billion.