If you're deep into meme tokens, you know that decentralized exchanges (DEXs) are where the action happens. These platforms let you swap tokens without middlemen, and they're ground zero for launching and trading viral meme coins. A recent tweet from @AIAdoptHQ on X caught our eye, sharing a fresh snapshot of the top DEXs by 24-hour volume as of September 29, 2025. Sourced from DefiLlama, the chart shows Uniswap and PancakeSwap still crushing it at the top, but with some exciting up-and-comers shaking things up.

Breaking Down the Top Performers

Let's unpack this chart a bit. Uniswap, the OG Ethereum-based DEX, clocks in at a whopping $2.9 billion in 24-hour volume. It's no surprise—Uniswap has been a go-to for Ethereum meme tokens like PEPE or DOGE-inspired coins, thanks to its simple automated market maker (AMM) model that lets anyone create liquidity pools.

Right behind is PancakeSwap at $2.4 billion, dominating on Binance Smart Chain (BSC). If you're trading low-fee meme tokens, this is your playground. BSC's affordability has made it a hub for meme coin launches, drawing in retail traders who want to avoid Ethereum's gas fees.

Then things get interesting with the newcomers:

• Fluid at $818 million: This one's emerging as a liquidity powerhouse, possibly focusing on cross-chain swaps or advanced DeFi features. For meme traders, it could mean smoother access to tokens across networks.

• Meteora with $571 million: Built on Solana, Meteora is all about high-speed trading. Solana's ecosystem is exploding with meme coins like BONK or WIF, and DEXs like this are fueling the frenzy with low costs and fast executions.

• Hyperliquid at $639 million: Specializing in perpetual futures, Hyperliquid is attracting traders looking for leveraged plays on meme tokens. It's a sign that meme trading is evolving beyond spot markets.

Other notables include Hyperliquid (wait, that's listed twice? No, the chart has it once), Humidifi, Raydium (another Solana staple for memes), Aerodrome, Curve (stablecoin swaps, but useful for meme liquidity), Orca, Kalshi, Aster, Pump, LFJ, and Momentum. Pump, for instance, is likely referring to pump.fun on Solana, infamous for rapid meme coin launches that can go viral overnight.

What This Means for Meme Token Enthusiasts

The tweet nails it: "The landscape is shifting fast - liquidity is spreading beyond the usual giants." For blockchain practitioners and meme hunters, this diversification is huge. It means more options for finding alpha—those early meme token gems—without being bottlenecked by high fees or slow chains.

If you're building or trading meme tokens, keep an eye on these rising DEXs. Platforms like Raydium and Orca on Solana are already meme hotspots, and as volume grows on Fluid or Hyperliquid, we could see new meme ecosystems emerge. This spread of liquidity also hints at healthier DeFi overall, reducing risks from over-reliance on a few big players.

At Meme Insider, we're all about keeping you ahead in the meme token game. Whether it's tech breakdowns or market trends, we've got the knowledge base to level up your blockchain skills. What do you think—will these new DEXs dethrone Uniswap? Drop your thoughts in the comments or check out our latest on Solana meme tokens. Stay tuned for more updates!