Solana’s meme coin market has fallen to its weakest level in nearly two years as trading activity continues to contract across decentralized exchanges.
According to Blockworks data, the category now accounts for less than 10% of daily volume on Solana-based DEXs. This marks a sharp reversal from the boom that dominated the network last year.
Solana Traders Dump Meme Coins For Stablecoins
For context, Solana meme coins generated roughly $295 million in volume on November 27. That amount represented about 9.2% of the more than $3.2 billion traded across the network that day.
Solana DEX Volume Category. Source: BlockworksThe slide underscores a steep decline from December 2024, when meme assets accounted for more than 70% of trading volume on Solana DEXs.
The pullback follows a series of high-profile rug pulls and scams that hit the Solana ecosystem earlier this year.
One of the most visible incidents involved the LIBRA token, a meme coin linked to a controversy surrounding Argentine President Javier Milei.
Its collapse drained more than $107 million in liquidity. It also contributed to an estimated $4 billion in broader losses, according to industry trackers.
The fallout led to a decline in Solana user activity, including a drop in unique traders, and set the tone for a broader retreat from meme-linked assets.
Subsequent scams reinforced the trend, eroding investor confidence and narrowing the pool of market participants willing to speculate on new tokens.
As a result, the number of token launches on Solana has dropped by 42% since mid-January. The decline reflects a broader contraction in appetite for high-risk projects.
Meanwhile, as meme coin activity receded, stablecoins have taken a larger share of network flow.
Blockworks data shows stablecoin-related transactions climbed to nearly 80% of DEX volume, one of the highest readings in more than two years.
This shift signals a clear preference for assets that offer deeper liquidity and lower volatility, particularly as markets absorb this year’s broader downturn.
