The Solana-based Jupiter Exchange recorded trading volumes of over $480 million in the last 24 hours, with much of the activity being driven by stablecoin swaps and the trading of a new memecoin called Wen.

These trading volumes have even surpassed those of the Ethereum-based Uniswap, beating out the combined trading volumes of its V2 and V3 protocols by $10 million, with Uniswap's volumes only amounting to $470 million in the same period.

Over $50 million of Jupiter's daily trading volume originated from traders buying and selling Wen, a memecoin that could be claimed by any Solana users who had interacted with Jupiter in the past six months, as well as owners of Solana's Saga phone.

The notable trading volumes reflect a rise in interest for newly emerged cryptocurrencies and alternative platforms for decentralised exchange.