"Memecoins remain the primary driver of Solana's onchain revenues. In January 2025, they accounted for 44% of decentralized exchange trading volume, and 35% in April 2025.

If we exclude stablecoins, SOL, and SOL liquid staking tokens, often on the other side of trades, memecoins represent 99% of Solana trading activity in January and 95% in April. While some question the sustainability of this trend, Solana has proven its unmatched ability to process large volumes of decentralized trading. This positions Solana as the most likely home for the next breakout trading application."