Solana meme coins have been catching investors’ attention as they display renewed vigour with daily trading volumes hitting $100M and user numbers reaching unprecedented levels. A noticeable surge in trading volume has been observed on platforms such as Axiom and Pumpswap, which have meme coins dominating the Solana DEX market. This escalated network activity has aided Solana in bouncing back from a 12-month low, experiencing a recovery of over 20% within a week.
After experiencing a prolonged period of decline, Solana meme coins are showing signs of recovery. Previously, the meme coin niche was rattled by pump-and-dump schemes and tariff commotion, but these digital assets are bouncing back as macroeconomic concerns simmer down.
The Solana meme coin sector has had its ups and downs in recent times, with controversies such as the Argentinian LIBRA scandal leading to a reduced market share. However, trading volume is beginning to rise again. Axiom, a meme trading platform, has seen its daily trading volume exceed $100 million for the first time. Additionally, Pump.fun’s recently launched decentralized exchange, Pumpswap, quickly grabbed 14% of Solana’s DEX market, further contributing to the surge in trading volume.
Data from DefiLlama exhibits an upswing in DEX trading on Solana, following a significant drop in March, indicating the growth of Solana meme coins isn’t confined to specific platforms. Individual Solana meme coins are also revealing significant price improvements, with eight out of the ten largest assets experiencing double-digit gains in the past week. Even the underperformers, such as TRUMP, managed to register a 4.5% price increase.
But it’s not just the meme coins showing progress. Solana itself is climbing the price ladder, rising 20% up from its 12-month low last week. There is growing evidence that Solana meme coins are on a comeback trail, at least in the short term. Nevertheless, this asset class could once again be vulnerable to sudden macroeconomic changes.