Solana Memecoins Rebound as Stablecoins Hold Ground

Solana's memecoins have rebounded in volume, capturing 29% of spot decentralized exchange (DEX) volume from July 20 through July 26. This marks their largest weekly share since August 2025, according to Blockworks data. However, SOL-stablecoin pairs remain the leading category at 37%, while stablecoin swaps account for another 22%. Memecoins ranked second across Solana's spot DEXs.

The rebound follows renewed speculation around ANSEM, also known as The Black Bull. ANSEM launched on Pump.fun in late June without a product, team, or roadmap. An anonymous developer sent a large supply share to Solana trader Ansem, who supported the token and pledged to distribute his creator fees to holders through weekly airdrops.

The pump activity emerged while crypto sentiment remained in fear territory at 29%. DeFiLlama data shows Pump.fun now routes about $614 million of Solana's roughly $1.65 billion in daily DEX volume.