Solana Memecoin Volume Rebounds Amid Stablecoin Dominance

Solana's spot decentralized exchange (DEX) volume has seen a rebound in memecoins, which captured 29% of the market share from July 20 to July 26. This is their largest weekly share since August 2025, according to Blockworks data.

However, SOL-stablecoin pairs remained the leading category at 37%, with stablecoin swaps accounting for another 22%. Foreign tokens accounted for only 5% of volume, while project tokens and tokenized assets each held 3%.

The rise in memecoins is attributed to renewed speculation around ANSEM, also known as The Black Bull. ANSEM launched on Pump.fun in late June without a product, team, or roadmap, but has since climbed about 18,000% within three days and reached a market value near $449 million on July 7.

Pump.fun activity now routes around $614 million of Solana's roughly $1.65 billion in daily DEX volume, according to DeFiLlama data. The stablecoin supply on Solana has also remained above $15 billion since July, with Western Union deploying USDPT as a settlement layer and B2C2 selecting Solana as its primary stablecoin settlement network.

Solana hosts 2,582 tokenized real-world assets, more than any other chain by asset count. Their distributed value across the network exceeded $3.5 billion. Despite the rise in memecoins, stablecoins and tokenized assets continue to hold ground on Solana's DEX volume.