Solana DEX Volumes Shift as Stablecoins Replace Meme Coin Speculation
Trading exercise on Solana’s decentralized exchanges (DEXs) is present process a structural shift as meme coin hypothesis fades and stablecoin transactions acquire momentum.
Data 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 file highs, practically doubling Ethereum’s throughout the identical interval.
Meme Coins Now Account for Less Than 30% of Solana DEX Volume
However, that development 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 such as LIBRA.
Earlier in January, projects like TRUMP and MELANIA had fueled a wave of speculative excitement, inspiring dozens of imitators.
But 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.
This retreat in meme coin hypothesis coincided with a steep drop in lively 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 carefully person engagement was tied to short-lived token frenzies.
Traders Turn to Stablecoins for Stability
Meanwhile, stablecoin buying and selling has started to take the place of this hitherto wave of speculative exercise.
Blockworks information reveals that swaps between SOL and stablecoins surged to almost 58% of DEX quantity, the best degree since November 2023.
At the identical time, direct stablecoin-to-stablecoin trades additionally gained traction, now making up about 4% of exercise.
Together, they mark a rising shift towards property favored for liquidity and decrease volatility.
Indeed, the Solana stablecoin ecosystem has expanded to a peak of greater than $12 billion from the $5 billion recorded originally of this yr.
This transition means that Solana’s ecosystem is maturing past its meme coin increase. 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 might proceed to punctuate Solana’s development, the community is steadily constructing a extra sturdy basis round secure, extensively adopted property.
The publish Solana DEX Volumes Shift as Stablecoins Replace Meme Coin Speculation appeared first on BeInCrypto.
