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Solana’s Meme Coin Volume Drops As Orca Capitalizes

With a new user-friendly interface, Orca is rapidly regaining its trading volume and market dominance. The comeback comes as liquidity shifts away from Solana’s (SOL) meme coin economy.

Orca’s Market Share Grows

For three consecutive weeks, Orca’s share of Solana’s DEX trading volume has risen, climbing from 10.6% to 19.7%. In the last 24 hours, this increased to 24.60%, nearing the top leaders, Meteora and Raydium.

Source: Blockworks

Orca, which is also one of Solana’s oldest DeFi apps, has even managed to surpass all of its rivals in weekly trading volume, aided by a higher Volume/TVL ratio.

Comeback Potential

Solana’s meme coin volumes have been steadily declining following the recent $LIBRA controversy. The meme coin trading share dropped from 80.1% in mid-February to 43.9% by March 4th, with Orca benefiting from this decline and gaining market share from Raydium.

Orca previously dominated Solana’s DEX trading from July 2022 to March 2024. Orca has also launched a new liquidity terminal, offering real-time price charts and predictive tools, making liquidity provision easier. Additional features are expected to be introduced soon.