Orca DEX market share grows as Solana’s Bonk price hits ATH

Orca, the biggest decentralised exchange (DEX) on Solana, is thriving as demand for tokens in the ecosystem surge. Data compiled by CoinMarketCap (CMC) shows that the volume in its ecosystem has jumped sharply in the past few months.

The data reveals that the exchange handled over $113 million in the past 24 hours. This makes it the ninth biggest decentralised exchange in the world. The biggest ones are companies like dYdX, Uniswap, Vertex Protocol, and Kine Protocol among others.

The most active tokens on Orca are wrapped Solana, Bonk, and Marinade Staked SOL Solana has been one of the best-performing big cryptocurrencies this year as it jumped from less than $9 to almost $70 today.

Bonk price has also done extremely well as it jumped to a record high of $0.0000065 on Monday. At its peak, the meme coin was about 4,100% above its lowest point this year, giving it a market cap of over $400 million. Bonk has created several millionaires during this surge.

Orca has had its total value locked (TVL) jump to over $86 million, making it a big player in the Solana ecosystem. The number of users in the ecosystem has also jumped as many of them cheer the strong performance of Bonk and other tokens.

The most recent Orca news is that a major token holder submitted a proposal to transition key treasury wallets and smart contracts to the DAO. This is a critical step as Orca continues its decentralisation process. All votes to date have supported the move.

Looking ahead, Orca will likely continue doing well if the current bull run holds. Analysts believe that most cryptocurrencies will continue thriving as Bitcoin pricerally continues. Bitcoin surged to over $40,200 on Monday while the total market cap of all digital currencies surged to over $1.5 trillion.

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