Transaction activity in Solana’s Decentralized Exchange (DEXS) is undergoing structural changes as Meme Coin’s speculation fades and Stablecoin transactions gain momentum.
Blockworks data shows that Meme Coins accounted for more than 60% of Solana Dex activities in late 2024 and early 2025.
Meme Coins now account for less than 30% of Solanadex volume
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However, its growth proved unsustainable as scandals and market mistrust rapidly reversed the trend.
The recession began in February following a series of controversies related to the launch of tokens such as Libra.
Earlier in January, projects like Trump and Melania promoted a wave of speculative excitement and stimulated dozens of copycats.
However, the rugs were pulled frequently, and the collapse of Libra erodes retailer confidence and resulted in sharp shrinkage in trading volumes.
By September, Memecoin’s activity was below 30% of Solana Dex Trading, the lowest share since February 2024.
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This retreat of Meme Coin’s speculation coincided with a sharp decline in active traders.
Dune Analytics data shows that daily users of Solana Dexs peaked at 4.8 million in January, but by September it fell below 800,000.
Exodus highlights how closely user engagement is tied to the short-lived token frenzy.
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Traders turn to stubcoin for stability
Meanwhile, Stablecoin Trading has begun to replace the waves of speculative activity that have been around for the past.
BlockWorks data shows that swaps between SOL and Stablecoins have skyrocketed to almost 58% of DEX volumes, surged to the highest level since November 2023.
At the same time, direct stubcoin-to-stubcoin trading also gained traction, now making up for around 4% of its activity.
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Together, they show an increase in the change to assets that are preferred by lower liquidity and volatility.
In fact, the Solana Stablecoin ecosystem has expanded from the $5 billion recorded earlier this year to a peak of over $12 billion.
This transition suggests that Solana’s ecosystem is mature beyond the memecoin boom. Traders seem to be drawn to stubcoins as a safer, more versatile instrument due to hedging, payments and institutional strategies.
Market observers noted that this indicates that while the speculative token hype cycle could continue to highlight Solana’s growth, the network is steadily building a more durable foundation around stable and widely adopted assets.
