Buying and selling exercise on Solana’s decentralized exchanges (DEXs) is present process a structural shift as meme coin hypothesis fades and stablecoin transactions acquire momentum.
Information from Blockworks reveals that meme cash accounted for greater than 60% of all Solana DEX exercise in late 2024 and early 2025. That surge pushed Solana’s buying and selling volumes to report highs, practically doubling Ethereum’s throughout the identical interval.
Meme Coins Now Account for Much less Than 30% of Solana DEX Quantity
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Nonetheless, that progress proved unsustainable, as scandals and market mistrust shortly reversed the development.
The downturn started in February, following a string of controversies tied to token launches comparable to LIBRA.
Earlier in January, projects like TRUMP and MELANIA had fueled a wave of speculative excitement, inspiring dozens of imitators.
However frequent rug pulls and the collapse of LIBRA undermined retail confidence, resulting in a pointy contraction in buying and selling volumes.
By September, meme coin exercise had fallen beneath 30% of Solana DEX trading, its lowest share since February 2024.
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This retreat in meme coin hypothesis coincided with a steep drop in energetic merchants.
Dune Analytics data reveals each day customers on Solana DEXs peaked at 4.8 million in January however slipped beneath 800,000 by September.
The exodus highlights how intently consumer engagement was tied to short-lived token frenzies.
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Traders Flip to Stablecoins for Stability
In the meantime, stablecoin buying and selling has started to take the place of this hitherto wave of speculative exercise.
Blockworks knowledge reveals that swaps between SOL and stablecoins surged to almost 58% of DEX quantity, the very best degree since November 2023.
On the identical time, direct stablecoin-to-stablecoin trades additionally gained traction, now making up about 4% of exercise.
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Collectively, they mark a rising shift towards property favored for liquidity and decrease volatility.
Certainly, the Solana stablecoin ecosystem has expanded to a peak of greater than $12 billion from the $5 billion recorded at first of this 12 months.
This transition means that Solana’s ecosystem is maturing past its meme coin growth. Traders seem to gravitate towards stablecoins as safer, extra versatile devices—whether or not for hedging, funds, or institutional methods.
Market observers famous that this means that whereas the hype cycles of speculative tokens could proceed to punctuate Solana’s progress, the community is steadily constructing a extra sturdy basis round secure, extensively adopted property.
