Solana has overtaken Ethereum in weekly on-chain trading volume, signaling a major shift. According to a recent report by Wintermute, Solana’s on-chain volume reached a staggering $51 billion, edging out Ethereum’s $46 billion.
This surge in activity comes as the overall weekly on-chain trading volume across cryptocurrencies jumped 50% to $39 billion. However, it’s the composition of Solana’s trading volume that’s raising eyebrows in the crypto community.
The Meme Coin Phenomenon: Driving Solana’s Growth
Meme coins have emerged as a dominant force on the Solana blockchain, accounting for a whopping 40% of its total trading volume. Leading the charge is PumpDotFun, which alone represents 35% of Solana’s total decentralized exchange (DEX) volume.
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This meme coin mania isn’t just inflating trading volumes; it’s also fueling an explosion in token generation on Solana.
The blockchain now commands an 86% market share in token creation, up from 60% in early September. Weekly token generation on Solana has more than doubled, surging from 45,000 to 110,000.
The performance of meme coins has been nothing short of remarkable. The GMCI Meme Index has surged 34% in the past month, nearly matching the 39% growth of the broader GMAI Index. Year-to-date, the GMCI MEME index has skyrocketed 140%, far outpacing other sectors.
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This meme coin dominance isn’t going unnoticed by institutional investors. There’s growing interest from traditional finance players, potentially signaling a shift in how these often-dismissed assets are perceived.
