Solana DEX Volume Shifts as Stablecoins Take Charge From Meme Coins

There is an evident change in trading behavior on Solana decentralized exchanges (DEXs). While previously driven by meme coin mania, activity around these DEXs has now been replaced by strong stablecoin activity. This shift signals a cool off of the meme coin hype, with the ecosystem now maturing

However, the price of Solana (SOL) is showing weakness after a strong bullish rally. SOL has dropped by over 7% over the last 24 hours amid a broader market downturn. But, could the shift in the ecosystem’s DEX activity offer some relief?

Meme Coin Volume Collapses

In the beginning of the year, Solana’s DEX volume overtook that of Ethereum fueled by the demand of meme coins. The surge was majorly driven by TRUMP, MELANIA, and other meme coins which attracted millions of traders compelling the ecosystem to new volumes

However, the meme coin mania turned out to be only temporary. Scandals, failed launches, and recurring rug pulls, such as the LIBRA token scandal, stirred doubt amongst traders

Because of this, meme coins – which accounted for up to 60% of all Solana DEX trades in early January, have now dropped to only 30% in September. This marks their lowest share since February 2024, highlighting how quickly the hype cycle evaporated

SOLANA’S DEX IS GOING FROM PARTY MODE 🐶 TO PRO MODE 🏦

Meme coins used to dominate 60%+ of #Solana DEX volume. Now they’re under 30%. Meanwhile, stablecoins are surging – liquidity and lower volatility are winning out.

Sure, retail hype fuels quick gains. But base foundation… pic.twitter.com/rKlfcaUbKk

— CryptosRus (@CryptosR_Us) September 22, 2025

Furthermore, this shift also resulted in a reduction of active users across the network. As per data by Dune analytics, daily users have now dropped to 800,000 from a peak of 4.8 million in January 2025

The sharp decline shows how the meme coin trading made the growth of Solana reliant on short-term speculation. Once the frenzy faded out, liquidity and engagement dropped, in tandem

Solana Gains Strong Stablecoin Activity

With meme coins losing footing, stablecoins gained traction across Solana’s decentralized exchanges. Recent data by Blockworks shows that swaps between SOL and stablecoins now account for 58% of all Solana trading activity. This marks 22-months high with this level last achieved in November 2023

SOL-Stablecoin Volume by Pair | Source: BlockworksThe network’s stablecoin supply has also expanded rapidly. The total supply has risen from $5 billion at the start of the year to over $12 billion. That expansion underlines how users and institutions are increasingly using Solana for more stable, liquidity-driven strategies.

Indeed, this is evidence of a Solana ecosystem maturity. Traders appear to favor stablecoins for payments, hedging, and capital preservation, suggesting Solana is building a more resilient foundation beyond meme-driven booms.

SOL Price Faces Correction

While trading patterns evolve, the price of Solana is facing pressure. Over the past 24 hours, SOL has dropped more than 7%, leaving the price at $221.15 The decline pushed SOL below its 20-day EMA at $227.20, as per the daily chart on TradingView

Solana (SOL) Price | Source: TradingViewEven so, the broader trend remains bullish. Solana’s 50-day EMA sits at $209.50, while the 100-day EMA holds at $192.87. The 200-day EMA, at $180.31, confirms that SOL’s broader uptrend is intact. Thus, the current decline might be just a mere correction before the next leg up

Nonetheless, the Solana market is showing two sides: fading speculation and stronger stablecoin adoption on one hand, a temporary price pullback on the other. Whether momentum returns will depend on how firmly stablecoins can keep volumes steady while confidence rebuilds around the network