Solana’s meme coin market has fallen to its weakest degree in practically two years as buying and selling exercise continues to contract throughout decentralized exchanges.
Based on Blockworks knowledge, the class now accounts for lower than 10% of each day quantity on Solana-based DEXs. This marks a pointy reversal from the increase that dominated the community final 12 months.
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Solana Merchants Dump Meme Cash For Stablecoins
For context, Solana meme cash 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 belongings accounted for greater than 70% of buying and selling quantity on Solana DEXs.
The pullback follows a collection of high-profile rug pulls and scams that hit the Solana ecosystem earlier this 12 months.
One of the vital 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 trade trackers.
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The fallout led to a decline in Solana person exercise, together with a drop in distinctive merchants, and set the tone for a broader retreat from meme-linked belongings.
Subsequent scams bolstered the development, eroding investor confidence and narrowing the pool of market individuals prepared to take a position on new tokens.
Because of this, 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.
In the meantime, as meme coin exercise receded, stablecoins have taken a bigger share of community circulate.
Blockworks knowledge exhibits 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 choice for belongings that supply deeper liquidity and decrease volatility, notably as markets take up this 12 months’s broader downturn.