Solana’s on-chain landscape is shifting again, and this time, memecoins are losing ground. New data shows that meme-related trading now makes up less than 5% of Solana’s daily DEX volume, marking the lowest share since the explosive memecoin cycle that began two years ago.
The drop comes despite Solana maintaining one of the strongest decentralized exchange ecosystems across all Layer 1 and Layer 2 networks.
Stablecoin Pairs Now Dominate Solana’s DEX Activity
According to the latest breakdown from November 27, 2025, the overwhelming majority of Solana’s DEX activity now flows through SOL–stablecoin pairs, which account for 75.9% of all trading volume.
🚨BREAKING: Memecoin trading volume now accounts for under 5% of @Solana's daily DEX volume, the lowest share since memecoin activity accelerated two years ago.
Despite the drop, Solana DEX volume remains higher than all other Layer 1 and Layer 2 blockchains. pic.twitter.com/6XHw9tvG4f
— SolanaFloor (@SolanaFloor) November 28, 2025
This signals a clear shift toward more structured, utility-driven markets as traders increasingly use Solana for liquidity routing, arbitrage, and dollar-denominated positioning rather than speculative meme rotations.
Project tokens currently hold a 6.57% share, followed by stablecoin-to-stablecoin swaps at 6.31%, forming a liquidity composition far more balanced than the hype-driven landscape of 2023–2024.
Memecoins Fall to 4.83% as New Sectors Rise
The most notable change is the decline of memecoin volume to just 4.83%, a dramatic contrast to periods when meme assets dominated Solana’s throughput and regularly surpassed 20–30% of DEX activity. Several emerging categories, ranging from composite asset products to tokenized BTC trading and LST (liquid staking token) swaps, have expanded their share as Solana’s ecosystem matures.
Even AI-related trading has grown into a measurable category, representing 0.54% of DEX volume, while tokenized assets account for a smaller but steady 0.07%.
Solana Still Outpaces All Other Chains in DEX Liquidity
Despite memecoins losing their share of the pie, Solana continues to outperform every other major Layer 1 and Layer 2 blockchain in total DEX throughput. The dominance of stablecoin pairs illustrates how deeply embedded Solana has become in global crypto liquidity flows, particularly as trading infrastructure, market-making activity, and institutional-grade execution tools continue to migrate toward the network.
In other words, memecoin volume may have cooled, but Solana’s trading engine remains as strong as ever.