Ethereum Takes Back DEX Trading Crown, Overtakes Solana – ETH Price Lags Amid Bearish Retail Sentiment
Ethereum’s resurgence was powered by Uniswap, which saw over $30 billion in trading volume, while Fluid ranked a distant second with $9 billion.
Ethereum-based decentralized exchanges (DEXes) have reclaimed the top spot in trading volume for the first time since September 2024, overtaking Solana-based platforms as activity on the rival blockchain waned.
According to DefiLlama data, over the past month, Ethereum (ETH) DEXes recorded a cumulative trading volume of $64.6 billion, surpassing Solana’s (SOL) $52.6 billion by 22%.
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The shift comes amid a broader downturn in the crypto market, with total market capitalization falling 4.2% to $2.63 trillion in March.
The drop in Solana’s dominance was mainly driven by a slowdown in the meme coin sector, which had fueled its rise in late 2024.
Raydium, the leading Solana-based DEX and a hub for meme trading, saw a sharp decline in activity. Throughout March, it failed to log a single day with trading volume exceeding $1 billion.
That starkly contrasts its record high of $13 billion on Jan. 18. Similarly, daily volume on Solana’s memecoin launchpad, Pump.fun, averaged under $100 million last month, well below its January peak of $390 million.
In contrast, Ethereum’s resurgence was powered by Uniswap, which saw over $30 billion in trading volume, while Fluid ranked a distant second with $9 billion.
The second-largest cryptocurrency by market capitalization rose 2.6% in the past 24 hours to trade at $1,868 in U.S. pre-market hours on Tuesday, recovering slightly ahead of the Trump administration’s reciprocal tariffs, which take effect Wednesday.
Despite the bounce, Ether remains down 18% in March and has fallen 43% in 2025.
The cryptocurrency slipped below the psychological $2,000 level on March 28 as macroeconomic uncertainty and disappointment over the lack of fresh Bitcoin (BTC) purchases for the Bitcoin Strategic Reserve, announced by President Donald Trump, weighed on sentiment.
Bitcoin, which has been a bellwether for the market, dropped below $80,000 during the sell-off.
On Stocktwits, retail sentiment around Ether dipped further into ‘bearish’ territory amid tepid levels of chatter.
One user suggested Ether’s price would form value between $1,821 and $1,906 before making its next move, citing resistance at higher levels. \
Another user expressed skepticism about Ethereum’s ability to sustain its intraday gains.
Ethereum’s price has fallen 47% over the past 12 months, trailing Solana’s SOL, which has fallen 15.8% in the same period.
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Read also: Bitcoin Nears $85K As ADA, DOGE, XRP Lead Altcoin Rebound Ahead of Trump Tariff Rollout – Retail Stays Cautious
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