Solana DEX Volumes Shift as Stablecoins Replace Meme Coin Speculation

Trading activity on Solana’s decentralized exchanges (DEXs) is undergoing a structural shift as meme coin speculation fades and stablecoin transactions gain momentum.

Data from Blockworks shows that meme coins accounted for more than 60% of all Solana DEX activity in late 2024 and early 2025. That surge pushed Solana’s trading volumes to record highs, nearly doubling Ethereum’s during the same period.

Meme Coins Now Account for Less Than 30% of Solana DEX Volume

However, that growth proved unsustainable, as scandals and market distrust quickly reversed the trend.

The downturn began 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, leading to a sharp contraction in trading volumes.

By September, meme coin activity had fallen below 30% of Solana DEX trading, its lowest share since February 2024.

Solana DEX Volume Activity. Source: Blockworks

This retreat in meme coin speculation coincided with a steep drop in active traders.

Dune Analytics data shows daily users on Solana DEXs peaked at 4.8 million in January but slipped below 800,000 by September.

The exodus highlights how closely user engagement was tied to short-lived token frenzies.

Traders Turn to Stablecoins for Stability

Meanwhile, stablecoin trading has began to take the place of this hitherto wave of speculative activity.

Blockworks data shows that swaps between SOL and stablecoins surged to nearly 58% of DEX volume, the highest level since November 2023.

At the same time, direct stablecoin-to-stablecoin trades also gained traction, now making up about 4% of activity.

Solana Stablecoin Activity. Source: Blockworks

Together, they mark a growing shift toward assets favored for liquidity and lower volatility.

Indeed, the Solana stablecoin ecosystem has expanded to a peak of more than $12 billion from the $5 billion recorded at the beginning of this year.

This transition suggests that Solana’s ecosystem is maturing beyond its meme coin boom. Traders appear to gravitate toward stablecoins as safer, more versatile instruments—whether for hedging, payments, or institutional strategies.

Market observers noted that this indicates that while the hype cycles of speculative tokens may continue to punctuate Solana’s growth, the network is steadily building a more durable foundation around stable, widely adopted assets.