#SolanaSurge Solana led in Q1 with 52% of DEX volume, but Ethereum has regained its position thanks to deeper economic activity.

Despite the price drop, Ethereum still holds $203 billion in application capital — nearly 10 times that of Solana, proving its sustainable value.

In the volatile world of cryptocurrency, January 2025 saw Solana [SOL] stand out due to the memecoin frenzy, accounting for over half of DEX trading volume.

But as the frenzy subsided, Ethereum [ETH] quietly made a comeback — not only to reclaim its position but also to demonstrate that it remains the true convergence of real value.

Memecoins may shake up the market, but when everything settles down, does real value still prevail?

Solana's initial strengths

If there is one chain that has brought about explosions in the first quarter of 2025, it is Solana.

Riding the wave of the memecoin craze — particularly the political flavor led by Official Trump [TRUMP] — Solana dominated 52% of DEX trading volume in January.

In January, Ethereum climbed to the lead position in March with a 30.1% market share. More importantly, it proves why it remains the platform for real economic activity in cryptocurrency.