Solana Memecoins Roar Back with 29% of Spot DEX Volume

Memecoins have experienced a resurgence on Solana's spot decentralized exchanges (DEXs), reclaiming 29% of the network's volume. This level of activity hasn't been seen since August last year, according to data from Blockworks.

The revival can be attributed to the token ANSEM, also known as The Black Bull, which was launched on Pump.fun in late June. It has no product, team, or roadmap, but its association with Ansem, a well-known trader on Solana, helped it gain traction. After an anonymous developer airdropped a large share of supply to his wallet, Ansem pledged to redistribute his creator fees to holders through weekly airdrops.

ANSEM's price skyrocketed by around 18,000% in just three days, peaking at a market capitalization of $449 million on July 7. This surge has instilled new life into the Solana memecoin ecosystem, with volumes on Pump.fun gradually increasing.

The resurgence of memecoins is notable given that crypto sentiment remains in fear territory at 29%. However, it's essential to remember that this doesn't mean Solana has returned to its meme-dominated status. In fact, stablecoin supply and tokenized real-world assets have been growing steadily on the network.