Meme trading on Solana falls to lowest share in nearly two years
New data from Blockworks Research shows that meme-asset trading on Solana decentralized exchanges has fallen sharply, dropping below 5 percent of daily volume — the lowest level since December 2023.
This marks a dramatic shift from just a year earlier, when meme-coin mania dominated the Solana ecosystem.
Meme trading once made up over 70% of DEX volume
At its peak in December 2024, meme-asset trading accounted for more than 70 percent of daily activity across Solana DEXs. The surge was driven by rapid speculation, viral token launches and unprecedented inflows from retail traders.
However, the latest data suggests that the market has rotated away from ultra-speculative assets toward more sustainable categories such as restaking, RWA, and higher-quality altcoins.
What this shift could mean for Solana
Analysts point to several possible implications:
– market participants are prioritizing utility-driven tokens
– liquidity is consolidating into fewer, larger assets
– speculative cycles may be cooling after months of overheating
– institutional presence on Solana is gradually increasing
Still, meme assets remain a core part of Solana culture, and the next narrative shift could easily revive activity.
What to watch next
– whether meme trading rebounds during the next volatility spike
– liquidity migration across top Solana DEXs
– the impact of new token launches and Layer 2 experiments
– institutional flows into Solana ecosystem products
