Trading activity on Solana’s decentralized exchanges (DEXs) is experiencing a fundamental shift as the allure of meme coin speculation diminishes and stablecoin transactions gain traction.
Data from Blockworks indicates that meme coins constituted over 60% of all Solana DEX activity in late 2024 and early 2025. This surge propelled Solana’s trading volumes to unprecedented highs, nearly doubling those of Ethereum during the same timeframe.
Meme Coins Now Account for Less Than 30% of Solana DEX Volume
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However, this growth proved to be unsustainable, as scandals and a lack of market trust swiftly reversed the trend.
The downturn initiated in February, following a series of controversies surrounding token launches like LIBRA.
Earlier in January, projects such as TRUMP and MELANIA had ignited a wave of speculative enthusiasm, leading to numerous imitators.
Yet, frequent rug pulls and LIBRA’s collapse eroded retail confidence, resulting in a sharp decline in trading volumes.
By September, meme coin activity had plummeted below 30% of Solana DEX trading, marking its lowest percentage since February 2024.
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This decline in meme coin speculation coincided with a significant drop in active traders.
Dune Analytics data reveals that daily users on Solana DEXs peaked at 4.8 million in January but fell below 800,000 by September.
The exodus underscores the close link between user engagement and fleeting token frenzies.
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Traders Turn to Stablecoins for Stability
In the meantime, stablecoin trading has started to replace the previous wave of speculative activity.
Blockworks data indicates that swaps between SOL and stablecoins surged to nearly 58% of DEX volume, the highest level since November 2023.
Concurrently, direct stablecoin-to-stablecoin trades also gained traction, now comprising about 4% of activity.
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Together, these trends signify a growing preference for assets known for liquidity and lower volatility.
Indeed, the Solana stablecoin ecosystem has expanded to a peak of over $12 billion from the $5 billion recorded earlier this year.
This transition suggests that Solana’s ecosystem is maturing beyond its meme coin boom. Traders are increasingly gravitating toward stablecoins as safer, more versatile instruments—whether for hedging, payments, or institutional strategies.
Market observers noted that while speculative token hype cycles may continue to punctuate Solana’s growth, the network is steadily constructing a more resilient foundation around stable, widely adopted assets.
