- Galaxy Digital swapped $105 million in ETH for Solana over two weeks, as Solana gained traction in meme tokens and DEX activity while Ethereum declined by 20%.
- In the past three months, Solana has surpassed Ethereum in DEX trading volume amount and number of active users, showing that more people are using Solana and its ecosystem is getting stronger.
Solana has received nearly $105 million worth of Ethereum from Galaxy Digital, one of the leading crypto asset manager, in a strategic move due to the recent increase in the popularity of meme coins and the rapid growth of decentralized exchanges on the network.
According to on-chain data from Arkham, Galaxy Digital moved a large amount of Ethereum from their wallet to Solana over the past two weeks, mostly using Binance for the transfers. The data showed that the firm swapped 65,600 ETH worth around $105 million and received about 752,240 SOL, valued at roughly $98.37 million.
The company made this move after the price of Ethereum fell by 20% in a month and Solana went up by 8%. After the swap, it was recorded that Galaxy had 55,760 ETH left and 171,250 SOL. The timing suggests that Galaxy likely sees Solana as a stronger asset with more users, lower fees, and daily growing activities.
Solana Surpasses Ethereum in DEX Volume
In the last month, Ethereum has continually struggled with its falling price and slow network activities. An analysis from dune.com properly highlights this shift, showing that the decentralized exchange (DEX) volume on Solana passed $395 billion in the last three months, compared to Ethereum, which sits at $364.65 billion.
Solana is also leading with a little over 224 million active addresses, while Ethereum and its Layer-2 networks have just over 79.04 million combined. Following this recent change, the price of ETH has dropped again to the $1,600 range, showing more possible liquidations. Meanwhile, SOL climbed back to $140, with expectations of it growing as its on-chain activity rises.
The activities on Solana have also grown thanks to Pump.fun and PumpSwap, the new exchange launched by the platform.