Solana DEX Trading Shifts From Meme coins to Stablecoins

TL;DR Breakdown

Meme coin volumes on Solana DEXs have plunged from 60% to under 30%.
SOL price is up 84% in 90 days to $238.92, even as Solana TVL slipped 5.4% in a week.
Pump.fun’s PUMP token fell 10% but remains +146% in 30 days.

Trading patterns on Solana are taking a dramatic shift as the meme coin race heats up. According to Blockworks Research, meme coin activity on Solana decentralized exchanges has plunged from more than 60% of volumes at the end of 2024 to under 30% today.

This comes in when Solana led Pump.fun brought a meme coin wave in the crypto market. Lately, the meme coins have been printed red indexes all the way around. The biggest meme crypto, Dogecoin price dropped by more than 7% over the last 7 days while remaining down by 15% on a year-to-date (YTD) basis.

Solana TVL Drops 5% in a Week

DeFiLlama data shows that Solana’s total value locked fell by 2% over the last 24 hours. It is now down by 5.4% over the past 7 days to stand at $54.3 billion. Meanwhile, SOL-stablecoin trading volume has surged to its highest level since December 2023. It hovers around the $13 billion mark.

SOL has posted a massive price surge as investors turned towards altcoins after witnessing Bitcoin’s rally to a fresh all-time high (ATH). Solana price jumped by 84% in the last 90 days. It is trading at an average price of $238.92 at the press time.

The changing mix of flows coincides with renewed volatility in Pump.fun, Solana’s dominant meme launchpad. Its native PUMP token slid by 10% on September 10 but managed to recover a bit. The selloff dragged Pump.fun’s market cap down to $2.5 billion. Its 24-hour trading volume is down by 18% to stand at $495 million.

Despite the pullback, Pump.fun remains one of Solana’s hottest stories of 2025. The token is still up 146% in the last 30 days. Since July, Pump.fun has repurchased $97.4 million worth of PUMP (approx 6.67% of its circulating supply.

Pump.fun Ranks No. 3 in DeFi Revenue

Transaction activity has been equally striking. On Sunday, Pump.fun processed $942 million in volume before topping $1.02 billion on Monday, briefly surpassing the perpetual exchange Hyperliquid in revenue. For two straight days, Pump.fun ranked as the third-highest DeFi protocol by revenue, trailing only stablecoin giants Circle and Tether.

The platform is also pushing into livestream tokens, a niche that highlights both the promise and pitfalls of creator monetization. Data shows Over 100 streamers have issued tokens with market caps above $400,000, collectively generating about 19,600 SOL ($4.7 million) in fees. The results are uneven: nearly 41% of creators earned under 10 SOL, while just 5 surpassed 1,000 SOL. One standout, Alex Becker, netted 1,623 SOL ($370,000) in four days before his token’s market cap collapsed from $18.9 million to $4.6 million.

Liquidity in the segment is also thinning. While trading topped $1.6 billion across 6.4 million transactions over the past month, a quarter of streamer tokens with meaningful market caps have logged fewer than 1,000 trades in two weeks, suggesting fading community interest once initial hype wears off.