40% of Solana’s trading volume centers around meme coins

Solana has overtaken Ethereum in weekly on-chain trading volumes, driven by a significant increase in meme coin activity, which now accounts for 40% of the trading landscape.

The crypto landscape is changing, with Solana recently eclipsing Ethereum in weekly on-chain transaction volume. A recent report from Wintermute shows that Solana (SOL) transaction volume increased by 50% to $51 billion, while Ethereum (ETH) reached $46 billion; This reflects the crypto sector’s ongoing recovery from recent lows.

The biggest driver behind this momentum appears to be the rise of meme coins, which now account for 40% of Solana’s trading activity, driven by meme coin marketplace Pump.fun, which accounts for 35% of Solana’s total decentralized exchange volume. However, as crypto.news previously reported in an exclusive in-depth report, despite intense excitement, only 0.76% of Pump.fun wallets generated $1,000 or more in revenue.

Wintermute noted that the influx of speculative trading has led to a dramatic increase in token production on the network, reaching an impressive 86% market share, up from 60% at the beginning of September. Weekly token production also jumped from 45,000 to 110,000 tokens.

Meme coins have outperformed other industries as well; GMCI’s Meme Index rose 34% in September, coming on the heels of the GMAI Index’s 39% growth. Wintermute stated that the index has increased by 140% since the beginning of the year, far surpassing the 83% growth of the GMAI Index.

Analysts suggest that Solana’s burgeoning meme coin activity “could potentially catalyze broader growth across the entire industry,” adding that the calm in crypto markets could be “the beginning of a storm as the US election approaches.”