The Solana-based decentralized exchange (DEX) Meteora has become a trending crypto trading platform in the past 24 hours with it seeing a drastic surge in daily trading volume . The climb was supported by the trend linked to Kanye West’s YZY token which set a buzz within the crypto community.
During the YZY trend, Meteora handled over $1.183 billion in trading volume. Raydium, the long leading Solana DEX, trailed behind during the same period with less than $1 billion in trading volume in the last 24 hours—as per DeFillama data.
Fees and Market Impact
With the notable spike in trading volume, Meteora also collected over $16 million in fees in 24 hours. That figure was second only to Tether, placing Meteora ahead of other major platforms across the wider crypto market.
The YZY token has been central to the attention with its launch bringing a surge of traders, sending record liquidity through Meteora. Some say meme tokens create quick surges while others argue the event shows Solana’s ability to attract new demand and keep users engaged.
Competition among Solana-based DEXs
Raydium’s fall from the top spot is significant as the exchange has been the backbone of Solana trading for years. Its drop shows how quickly traders shift when new tokens or incentives appear.
The bigger picture is rising competition. Solana DEXs are battling for liquidity, and tokens often decide where traders move. Also, we can see the rivalry growing as more platforms fight for users and fees.
Meteora’s trading volume rise shows the influence of meme tokens in DeFi. On Solana, hype can move liquidity almost overnight. For investors and developers, the question is whether the momentum lasts or fades once the YZY hype cools. As of press time, YZY token price has declined over 70% in the last 24 hours.
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