This Solana DEX surges past Uniswap: All you need to know

• The buying and selling quantity of Solana’s DEX, Jupiter, surpassed Uniswap prior to now 24 hours.
• The SOL market remained tormented by bearish sentiments as the value moved sideways. 

Solana [SOL]-based decentralized change (DEX) Jupiter noticed its buying and selling quantity climb considerably within the final 24 hours, surpassing Ethereum [ETH]-based Uniswap [UNI], in line with information from CoinGecko.

In line with the information supplier, Jupiter’s buying and selling quantity has totaled $517 million within the final 24 hours, capturing an 18.1% market share of the overall DEX buying and selling quantity of $3 billion traded throughout the identical interval.

Uniswap trailed behind with a buying and selling quantity of $443 million and a 15% market share of the overall DEX buying and selling quantity. 

Supply: CoinGecko

The surge in Jupiter’s buying and selling quantity has been fueled by the current WEN token airdrop, which the aggregator carried out as a large-scale take a look at of its new launchpad, which will probably be used for its personal token airdrop on the thirty first of January.

WEN: thirty first of Jupuary 10am EST

On the first of Jupuary, we outlined the primary areas of labor as we goal to get to launch. https://t.co/PORf6v5apt

Now we have been proper on schedule executing on all these, and we’re blissful to share that JUP will launch on thirty first of Jupuary, 10am EST.… pic.twitter.com/fIhDg0H1Pu

— meow 🥧 (@weremeow) January 15, 2024

Any win for Solana?

Because the WEN token airdrop on the twenty sixth of January, there was a surge in day by day buying and selling quantity on the Solana community, information from DefiLlama revealed.

Inside two days, day by day buying and selling quantity on the Layer 1 (L1) blockchain elevated by 8%. 

As eligible customers scampered to say their WEN tokens on the day of the airdrop, complete transaction charges on the Solana community recorded a single-day rally of 32%.

On that day, transaction charges totaled $535,000, the chain’s highest because the twenty seventh of December 2023. Nevertheless, because the excessive recorded three days in the past, complete transaction charges have dropped by 5%.

Additional, the chain’s day by day income adopted the same pattern because it rallied to a one-month excessive of $288,000 when the WEN airdrop was accomplished. This has additionally logged a 5% pullback prior to now three days. 

Supply: DefiLlama

As for the community’s native token SOL, its worth has climbed by 11% because the twenty sixth of January, information from CoinMarketCap confirmed.

At press time, the fifth-ranked crypto asset by market capitalization exchanged arms at $98. 

Because of the normal market consolidation prior to now two weeks, SOL’s 20-day exponential transferring common ($93.45) and its 50-day small transferring common ($93.40) have flattened out.

Likewise, the coin’s Relative Power Index (RSI) rested barely above the midpoint at 54.97 at press time. These indicated an equilibrium between consumers and sellers. 

Supply: SOL/USDT on TradingView

Nevertheless, readings from the coin’s Directional Motion Index (DMI) and Transferring Common Convergence Divergence (MACD) indicators revealed that sentiment remained considerably bearish.

Is your portfolio inexperienced? Try the SOL Revenue Calculator

At press time, the coin’s constructive directional index (inexperienced) rested beneath its detrimental directional index (pink).

Likewise, SOL’s MACD line was noticed beneath its pattern line, suggesting that promoting stress exceeded shopping for exercise amongst day by day merchants.