Solana Meme Coins are Dying Out, Key Metric Shows
Solana’s meme coin market has fallen to its weakest stage in practically two years as buying and selling exercise continues to contract throughout decentralized exchanges.
According to Blockworks information, the class now accounts for lower than 10% of every day quantity on Solana-based DEXs. This marks a pointy reversal from the growth that dominated the community final 12 months.
Solana Traders Dump Meme Coins For Stablecoins
For context, Solana meme coins generated roughly $295 million in quantity on November 27. That quantity represented about 9.2% of the greater than $3.2 billion traded throughout the community that day.
The slide underscores a steep decline from December 2024, when meme property accounted for greater than 70% of trading volume on Solana DEXs.
The pullback follows a sequence of high-profile rug pulls and scams that hit the Solana ecosystem earlier this 12 months.
One of essentially the most seen incidents concerned the LIBRA token, a meme coin linked to an argument surrounding Argentine President Javier Milei.
Its collapse drained greater than $107 million in liquidity. It additionally contributed to an estimated $4 billion in broader losses, based on business trackers.
The fallout led to a decline in Solana user activity, together with a drop in distinctive merchants, and set the tone for a broader retreat from meme-linked property.
Subsequent scams bolstered the pattern, eroding investor confidence and narrowing the pool of market contributors keen to take a position on new tokens.
As a consequence, the variety of token launches on Solana has dropped by 42% since mid-January. The decline displays a broader contraction in urge for food for high-risk initiatives.
Meanwhile, as meme coin exercise receded, stablecoins have taken a bigger share of community circulate.
Blockworks information reveals stablecoin-related transactions climbed to just about 80% of DEX quantity, one of many highest readings in additional than two years.
This shift alerts a transparent desire for property that supply deeper liquidity and decrease volatility, significantly as markets absorb this year’s broader downturn.
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