Solana meme coin trading has dropped below 10% of the network's decentralized exchange volume, marking the lowest share in nearly two years as investors retreat from high-risk tokens following a wave of scams and rug pulls. The shift represents a reversal from December 2024, when meme assets dominated more than 70% of trading activity on Solana DEXs.
What Happened: Trading Volume Collapse
Meme coins on Solana generated approximately $295 million in volume on Nov. 27, accounting for 9.2% of the network's total $3.2 billion in daily DEX trading, according to Blockworks data. The contraction follows multiple high-profile fraud incidents that rattled the ecosystem earlier this year, including the collapse of the LIBRA token linked to Argentine President Javier Milei.
That incident alone drained more than $107 million in liquidity and contributed to an estimated $4 billion in broader market losses, according to industry trackers.
The fallout reduced user activity across Solana, including a measurable decline in unique traders.
Token launches on the network have dropped 42% since mid-January, reflecting diminished appetite for speculative projects. Meanwhile, stablecoin transactions have surged to nearly 80% of DEX volume, one of the highest readings in more than two years, as traders prioritize liquidity and stability over speculative bets.
Also Read: XRP Technical Setup Mirrors 2017 Pattern As RLUSD Reaches $1 Billion Milestone
Why It Matters: Market Maturation
The decline signals a fundamental shift in how participants use the Solana network. Market observers note that sustained fraud undermined confidence in new token launches, forcing investors to reassess risk tolerance.
The preference for stablecoins over meme coins indicates traders are seeking assets with deeper liquidity pools and reduced volatility exposure, particularly as broader cryptocurrency markets absorbed losses throughout the year.
The concentration of volume in stablecoins also suggests Solana is transitioning from a meme coin trading hub toward infrastructure that supports more conventional decentralized finance activity.
This evolution may attract institutional participants who previously avoided the network due to concerns about speculative excess and fraud risk.
Read Next: November Ethereum Trading Volume Reaches $375 Billion, Still Far Behind August Peak