According to DeFi Llama data, Solana’s total value locked (TVL) reached an all-time high, exceeding $12 billion on January 19. This means Solana has surpassed the $10 billion level for the first time since November 2022. Additionally, decentralized exchange (DEX) volume broke consecutive records.

On January 18, Solana’s DEX volume reached $28.2 billion, and on January 19, this figure increased to $39.2 billion. Solana, which recorded an increase of 320% in the last week, took the leadership in the industry in terms of DEX volume.

At the time of writing, the token price was $238.47, down 8% in the last 24 hours. However, on January 19, the price of the Solana token rose to $261.78. On the TVL side, the increases were remarkable.

TVL, which exceeded $10 billion on January 18, reached its peak with $12.19 billion on January 19. While TVL remained at $12 billion on January 20, it decreased to $11 billion on January 21.

A significant part of this growth is linked to the launch of TRUMP and MELANIA tokens. These two Solana-based meme tokens reached billions of dollars in market cap within three days of entering the market. However, this rapid rise also caused token prices to fluctuate.

While Solana MEV Jito Foundation stood out as the protocol with the highest TVL in the network, protocols such as Jupiter, Raydium and Kamino also contributed to this success. Solana’s performance becomes remarkable, especially when compared to Ethereum.

While Ethereum is the leader in the industry with a TVL of $65 billion, Solana ranks second with a TVL of $11 billion. However, while Ethereum’s TVL decreased by 5% in the last month, Solana’s TVL increased by 33% in the same period.

Solana is generally known as a preferred blockchain network for coin tokens and low-cost transactions. Meme tokens like TRUMP and MELANIA reinforced this feature of Solana.

Trump and Melania Meme tokens managed to reach high market cap shortly after their launch. However, token prices have dropped significantly in recent days.

In the last 24 hours, the TRUMP token lost 26% in value, falling from $74 to $37.50. The MELANIA token experienced a more serious decline, losing 47% in value and its price dropped from $13 to $4.48. This shows that meme tokens are prone to volatility despite their short-term popularity.

Solana’s success in terms of TVL and DEX volume demonstrates the strength and popularity of the network’s technological infrastructure. Solana, which ranks second after Ethereum, becomes an attractive option for users because it offers lower cost and faster transactions.

However, the volatility of meme tokens and the overall market raises important questions about the sustainability of networks like Solana.

Investors are carefully following the reasons behind Solana’s rapidly rising DEX volume and TVL increase. Whether Solana can maintain this success in the future will depend on the development of innovative projects and regulatory frameworks in the sector.