Average trading volume of Solana Memecoin rises by 46% in May, reflecting Bitcoin's recovery
The trading activity of Memecoin on Solana tracks the recovery of Bitcoin, with the average daily trading volume rising by 46% between April and May. According to Block Data Agency, the monthly trading volume of Memecoins on Solana was $58.7 billion as of May 21, which is already over a billion dollars higher than the volume recorded in April. Additionally, Memecoins accounted for 64.6% of all monthly trading volume on Solana as of May 21, up from 56% in April. Notably, Memecoin activity is closely linked to Bitcoin, which broke the $100,000 threshold on May 8, gradually rising to about $4.2 billion. This is the highest daily trading volume for Memecoins on Solana since February 15. Price increases in the Memecoin sector reflect volume growth. Last month, Memecoins were the fifth-best performing sector in crypto among 22, rising an average of 59%, based on Artemis data. Despite increased volumes, there is a lack of confidence. Weekly volumes also show steady growth since Bitcoin's bottom on April 7. Weekly Memecoin trading activity showed an average increase of 16% as of the week ending May 18. Between May 12 and May 18, Solana-based Memecoins reached nearly $24 billion in weekly volumes. This is the highest level since the week ending February 16. In the last week of April, Memecoins represented 61.5% of all trading volume on Solana, the highest percentage since the week ending February 16. Although the market began to decline on February 1, after President Donald Trump signed an executive order imposing trade tariffs, activity in Solana Memecoin occurred just two weeks later. On February 14, Argentine President Javier Milei endorsed Memecoin as a means to finance small projects in the country. Although the market cap of the token reached $4.5 billion, its price dropped by 95% just two days after Milei's mention. After a few days, a report by Nansen highlighted that two wallets benefited from $10 million with the token. The addresses bought Libra shortly after Milei's endorsement and sold it at the peak of $4.55. The incident fueled rumors of insider trading in Solana, which caused a significant loss of investor confidence that has not yet recovered to the levels seen before the incident. Mentioned in this article: Latest Alpha Market Report
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