The Solana blockchain, once a hub for meme coin enthusiasts, has seen a dramatic decline in its meme coin market activity. Once thriving with speculative investments and high trading volumes, this sector now accounts for less than 10% of decentralized exchange (DEX) volume on Solana, according to Blockworks data.
The Rise and Decline of Solana Meme Coins
In December 2024, meme coins made up more than 70% of trading volume on Solana-based DEXs. Fast forward to November 2025, and this number has dropped to under 10%. This steep decline highlights the waning interest in these high-risk assets. One key driver of this trend has been a series of high-profile scams, such as the collapse of the LIBRA token, which drained over $107 million in liquidity, shaking investor confidence.
Other factors include a reduced appetite among traders for speculative assets, particularly as global crypto markets face increased scrutiny and tightening liquidity. The number of new token launches on Solana has also decreased significantly, with a 42% drop since January 2025. This signals a broader retreat from high-risk meme-linked projects.
The Shift to Stablecoins and More Reliable Assets
As meme coin activity wanes, Solana’s blockchain is maturing, with a noticeable shift toward stablecoins. Blockworks data shows that nearly 80% of DEX volume now stems from stablecoin-related transactions. Stablecoins provide deeper liquidity and are less volatile compared to meme coins, making them a more attractive option for traders and investors alike.
Despite the decline in meme coin popularity, Solana’s overall on-chain activity remains robust, with over 11 million active addresses, showing that the network continues to have a solid foundation for other use cases.
Are Meme Coins Dead?
The significant drop in meme coin activity leads many to wonder if these tokens are a thing of the past. While they may never regain their former glory, meme coins could see a resurgence with the right projects and community backing. However, for now, the focus appears to be shifting toward more reliable asset classes on chains like Solana.
If you’re looking to get involved in stablecoins, consider exploring USDC by Circle, a trusted and widely used stablecoin for trading and holding assets securely.
Final Thoughts
The decline in Solana meme coins reflects the broader evolution of the blockchain ecosystem. As scams and volatility drive traders away from speculative tokens, stablecoins and other well-established assets are taking center stage. This shift underscores a growing preference for security and reliability in an otherwise unpredictable market.
