Onchain Data Suggests Solana’s Memecoin Casino is Still in Business

Solana’s thriving onchain economy is taking a much-needed breather, with DeFi users exercising caution across markets after the fallout of the Kelsier launches.

With the $LIBRA scandal shining a light on corruption in the sector, one would think Solana’s memecoin traders would be reluctant to get back in the trenches. 

However, onchain data indicates that Solana’s meme economy is as prolific as ever, suggesting trader’s appetite for risk remains unaffected.

Memecoin Volume Share Unchanged

Since October 2024, the Solana network has dominated DEX trading volume across all chains, establishing itself as the undeniable home of onchain trading. 

However, the memecoin economy driving Solana’s onchain activity has suffered a significant blow. The $LIBRA scandal has left the traders looking worse for wear, with memecoin traders reluctant to re-enter the trenches in search of the next ‘daily runner’. 

Or so you’d think.

While sentiment on social media might make you believe that the trenches are done forever, onchain data suggests that memecoin trading activity is as popular as ever. 

According to Blockworks data, memecoin volume share currently sits at around 64%, near the middle of the range formed in November 2024. Remarkably, memecoin volume is higher today than it was during the launch of $TRUMP, which kickstarted the series of dangerous launches, including $MELANIA, $ENRON, $CAR, and $LIBRA itself.

According to DefiLlama, DEX volume on Solana has suffered a weekly change of -27%, a greater decline than all other top 10 chains in this metric. Despite that, Solana remains this week’s leader in DEX volume, narrowly edging out BNB Chain and the Ethereum Layer-1.

Meanwhile, the fallout from the $LIBRA coincides with increased perpetual trading volumes on the Solana blockchain. In the last 7 days, Solana perp volumes have increased by 16.21%.

Pump.fun Launches Down 24% Post $LIBRA

While memecoin volume share in DeFi is consistent with pre-$LIBRA levels, the number of new memecoins entering the market is diminishing. 

Based on Dune Analytics data recorded In the week before the disastrous $LIBRA launch, no-code token deployment app pump.fun witnessed an average of 48.8k launches. Since the $LIBRA launch, memecoin creators have launched an average of around 37k tokens per day.

Meanwhile, sentiment towards memecoins and the KOLs and influencers that promote them has never been lower. With social interest supposedly swinging away from memecoins, network participants are hopeful that focus will return to the ecosystem’s genuine products.

Attention and liquidity could be flowing back to established Solana ecosystem coins. CoinGecko data suggests that some of Solana’s biggest project tokens like $JUP, $RAY, $JTO, and $PYTH may be in the process of bouncing off local bottoms.

Read More on SolanaFloor

Solana DePIN breaks ground with Web2 giants

Hivemapper Joins Forces With World’s Leading Real-Time Traffic Data Provider

Learn More About Solana DeFi