Cryptocurrency Solana (SOL) has reached a significant milestone, overtaking Ethereum (ETH) in terms of decentralized exchange (DEX) trading volume over the past week. According to DefiLlama, DEX volume on Solana has grown to $10.1 billion over the past seven days, while Ethereum’s trading volume totaled $8.8 billion over the same period.

The recent surge in Solana activity on DEX can be attributed to lower fees on gas compared to Ethereum and the rise in memcoin trading. The chain’s leading memcoin, BONK, dominated headlines after its market capitalization surpassed a billion dollars after listing on Binance and Coinbase. Solan’s other memcoin, Dogwifhat (WIF), has also attracted attention, soaring from obscurity to a market capitalization of $322 million. BONK and WIF are among the most traded tokens on Solana’s DEX over the past week, not counting stablecoins.

The success of these memcoins and increased activity, combined with large resets from protocols like Jito (JTO), have contributed to SOL’s impressive rally, which has seen the token outsell XRP and hit a new 2023 high of $99, according to CoinMarketCap data.

However, despite the recent rise, SOL’s market value is currently just over $41 billion, while Ethereum’s market value is $268 billion, more than seven times that of Solana.