Solana outpaces Ethereum and BNB in meme market share
Solana is winning in meme market share
Solana has emerged as the leading blockchain for meme token trading, eclipsing early giants Ethereum and BNB Smart Chain with a commanding 88% share of the decentralized exchange (DEX) meme market.
In March alone, over 92% of Solana’s DEX volume was driven by meme coin swaps, reflecting a persistent retail appetite for high-risk, high-reward tokens, according to the Cryptopolitan.
Originally propelled by breakout names like WIF and BONK, Solana's meme dominance has since expanded to a vibrant and fast-moving ecosystem supported by tools like Pump.fun—a platform that has enabled over 64,000 meme token launches. Its ease of use and viral appeal have made it a hub for amateur traders, influencers, and bots alike.
Meme coins surpass legacy tokens in decentralized volume
While Solana’s utility tokens like SOL and stablecoin pairs remain active, they are vastly overshadowed in volume by meme tokens. In the past month, top meme coins such as TRUMP and GIGACHAD recorded hundreds of millions in trading volume, with only a few legacy pairs like SOL-USDC keeping pace.
Even as overall crypto trading activity has declined 70% since late 2024, meme tokens have retained their allure. Platforms like Pump.fun now host 30,000 daily launches and generate up to $2 million in daily fees, with over 146,000 daily active users fueling Solana’s memecoin momentum.
Ethereum, once the primary home for cult favorites like PEPE, has seen its share dwindle. BNB Smart Chain, while still active, trails with under 4% of meme DEX activity.
For now, Solana stands unrivaled as the meme economy’s central arena—part casino, part laboratory, and entirely fueled by the internet’s cultural chaos.
JPMorgan Managing Director Nikolaos Panigirtzoglou said recently that he has been skeptical about short-term ETF approvals for Solana, XRP, and other cryptocurrencies. However, the new leadership at the SEC under Trump could pave the way, with Solana and XRP-based ETFs potentially attracting $14 billion in their first year.
