🚀 Crypto Solana’s Weekly DEX Volume Elbows That of Ethereum with Mt.Gox’s 2.2 Billion Bitcoin Movement Causing Jitters

[Undefeated_Lamba]

As Solana continues to make significant strides in the crypto scene, SOL is elbowing notable rivals in various spheres.

For instance, according to RR2Capital data, Solana’s decentralized exchange (DEX) volume has been so high that it shadows Ethereum’s.

Source: RR2 Capital

This surge illustrates heightened confidence, interest, and activity in Solana’s decentralized finance (DeFi) market.

Solana is also igniting the fire regarding its overall market value, given that it recently dethroned Binance Coin (BNB) from the fourth position after its price increased by 13%.

This momentous moment happened after Donald Trump won the U.S. presidency, which is seen as a stepping stone toward the realization of a spot Solana exchange-traded fund (ETF).

According to CoinGecko data, Solana’s market cap is $93.6 billion, compared to BNB’s at $89.2 billion.

The number of active SOL addresses has skyrocketed after reaching the 150 million mark, depicting significant network activity.

Mt.Gox’s BTC Movement Raises Questions​

Defunct crypto exchange Mt.Gox, which ceased to exist in 2014, recently caused jitters based on the transfer of Bitcoin worth a whopping $2.22 billion.

Calling out this development market metrics provider Spot On Chain disclosed, “Over the last 4 days, Mt. Gox has transferred out a total of 32,871 BTC ($2.22B). Among these tokens, 296 BTC ($20.13M) was moved to B2C2 and OKX. Currently, there remains 12,006 BTC ($810M) in MtGox known wallets.”

Source: SpotOnChain

Mt. Gox was among the first and biggest crypto exchanges, but it went under in 2014 following a hacking incident that siphoned nearly 850,000 BTC, worth approximately $450 million at the time.

Its collapse was a major turning point since it emphasized the need for robust regulatory oversight and security protocols in the crypto industry.