Solana Meme Coin Poised for a Comeback as Trading Volumes Surge

The Solana meme coin is gaining bullish momentum, with daily trading volume hitting $100 million and user numbers surging to all-time highs.

Trading volumes are surging on platforms like Axiom and Pumpswap, with meme coins dominating the Solana DEX market.

The increase in network activity has also helped Solana recover from its 12-month lows, recovering more than 20% in a week.

Is the Solana meme coin trending again?

The Solana meme coin has been a popular area in the crypto ecosystem, but several controversies have hit its market in recent months.

In addition to price gouging and the Argentinian LIBRA scandal tarnishing the reputation of these assets, tariff-related chaos has also led investors to stay away from these meme assets. Yet, despite this, trading volume is picking up:

“On April 14, meme exchange Axiom’s daily trading volume exceeded $100 million for the first time, accounting for about 50% of the market share of Solana meme trading platforms. The number of trading users reached 26,800, a record high.” Wu Jihan said.

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Axiom may account for half of the trading volume of these assets, but it is not the only site with a surge in trading volume. Pump.fun recently launched Pumpswap, a new decentralized exchange that quickly captured 14% of the Solana DEX market.

PumpSwap’s trading volume has surged, with daily trading volume surging 50% on Tuesday, April 15.

PumpSwap trading volume. Source: DeFiLlama

Data from DefiLlama shows that DEX trading on Solana has begun to recover after a sharp drop in March. In other words, the growth of Solana meme coins is not limited to these two platforms.

These data are still a long way from recovering the all-time highs in January, but these signs of recovery are still very encouraging.

In addition, Solana's individual meme coins have also made great progress in price performance. Last week, eight of the top ten assets in the category achieved double-digit gains.

One of the two currencies that fell this week was Trump, which was adversely affected by the tariff chaos and the latest token unlock. Despite this, its price still rose by 4.5%. Most of the top ten currencies rose by more than 20% during this period.

The increase in network activity is also reflected in Solana's price. Last week, it began to recover from a 12-month low, and its price has since surged by 20%.

At present, it seems that Solana meme coins are ready to take off, at least in the short term. However, another macroeconomic shock could cause these risk assets to react more sharply than the overall market.