The meme coin market for Solana has dropped to its weakest level in nearly two years, falling to less than 10% of DEX volume.
The decline can be linked to a series of prominent scams that have driven meme coin traders away from Solana.
Now, the volume of stablecoins has risen to nearly 80% of network activity, reflecting a maturation phase in the blockchain.
The meme coin market for Solana has fallen to its weakest level in nearly two years due to ongoing contraction in trading activity across decentralized exchanges.
According to Blockworks data, this category now represents less than 10% of daily trading volume on Solana-based DEXs. This marks a sharp reversal from the boom that dominated the network last year.
Solana traders are ditching meme coins in favor of stablecoins.
To give context, Solana meme coins achieved an approximate volume of $295 million on November 27. This amount represented about 9.2% of over $3.2 billion traded across the network that day.
Volume category in Solana DEX. Source: Blockworks
This decline confirms a sharp drop since December 2024, when meme assets accounted for over 70% of trading volume in Solana DEXs.
The withdrawal was followed by a series of fraudulent withdrawals and scams that hit the Solana ecosystem earlier this year.
One of the most notable events involved the LIBRA token, a meme coin linked to controversy surrounding Argentine President Javier Milei.
Its collapse drained over $107 million in liquidity. It also contributed to losses estimated at around $4 billion more broadly, according to industry watchers.
The sequence of events led to a decline in Solana user activity, including a drop in unique traders, creating an atmosphere of broader retreat from meme-related assets.
Subsequent frauds have reinforced this trend, leading to a erosion of investor confidence and a shrinking pool of market participants willing to speculate on new tokens.
As a result, the number of token launches on Solana has decreased by 42% since mid-January. This decline reflects a broader contraction in the appetite for high-risk projects.
At the same time, as meme coin activity recedes, stablecoins have taken a larger share of network flow.
Blockworks data shows that transactions related to stablecoins have risen to nearly 80% of DEX volume, one of the highest readings in over two years.
This shift indicates a clear preference for assets that offer deeper liquidity and less volatility, especially as markets absorb the broader contraction this year.
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