Solana, once the darling of the meme coin craze, is witnessing a dramatic shift in its decentralized exchange (DEX) landscape. Just a year ago, meme coins dominated the network, accounting for a staggering 70% of trading volume on Solana-based DEXs. Fast-forward to late 2025, and that number has plummeted to less than 10%, marking the weakest level for meme coin trading in nearly two years, according to data from Blockworks.
On November 27, 2025, the numbers told a stark story: meme coins on Solana generated roughly $295 million in trading volume, representing just 9.2% of the more than $3.2 billion traded across the network that day. This sharp reversal from the previous year’s boom has left many in the crypto community wondering—what happened to Solana’s meme coin mania?
The answer, it turns out, is rooted in a series of high-profile missteps and a broader market reckoning. The decline began earlier in 2025, following a wave of rug pulls and scams that shook investor confidence to its core. One of the most notorious incidents involved the LIBRA token, a meme coin that found itself at the center of controversy tied to Argentine President Javier Milei. When LIBRA collapsed, it drained more than $107 million in liquidity from the market and contributed to an estimated $4 billion in broader losses, as reported by industry trackers and covered by Blockworks.
The fallout from LIBRA and other scams was swift and severe. Not only did it erode trust among Solana’s user base, but it also led to a measurable decline in network activity. Unique traders began to drop off, and the overall appetite for speculative, high-risk meme coins waned. This wasn’t just a blip; it was the start of a broader retreat from meme-linked assets across the Solana ecosystem.
Subsequent scams only reinforced the trend, narrowing the pool of market participants willing to take a chance on the next big meme token. The impact was so pronounced that the number of new token launches on Solana fell by a whopping 42% since mid-January 2025. As noted by Blockworks, this contraction reflects not just a loss of confidence in meme coins, but a wider cooling toward high-risk projects in general.
Yet, while meme coins were losing their luster, another class of assets was quietly taking over. Stablecoins—cryptocurrencies pegged to the value of traditional currencies like the US dollar—have surged in popularity on Solana’s DEXs. By late 2025, stablecoin-related transactions had climbed to nearly 80% of DEX volume, reaching one of the highest readings in more than two years. This shift signals a clear preference among traders for assets that offer deeper liquidity and lower volatility, especially as the broader crypto market weathered a downturn throughout the year.
For some, the transition from meme coins to stablecoins might seem like a natural evolution. The wild swings and speculative fervor that defined the meme coin era brought both dizzying gains and catastrophic losses. As the dust settled, many traders appeared eager to park their capital in safer harbors, at least for the time being. According to Blockworks, the move toward stablecoins is a direct response to the volatility and uncertainty that have plagued the market in 2025.
Still, not everyone sees the decline of meme coins as the end of Solana’s on-chain activity. A prominent Solana analyst, known as Solana Sensei, offered a more optimistic take on social media: “The amount of token launches on Solana has decreased by a whopping 42% since mid-January. However, that hasn't reduced the amount of activity onchain with over 11M active addresses. Very bullish actually.” This sentiment suggests that, while speculative trading may have cooled, the underlying network remains vibrant and active—a sign that Solana’s ecosystem is evolving, rather than fading away.
It’s worth remembering just how meteoric the rise of meme coins on Solana once was. In December 2024, the network was awash with new tokens, each promising the next viral sensation. Trading volumes soared, and for a brief period, it seemed like meme coins might become a permanent fixture of the crypto landscape. But as with many speculative bubbles, the frenzy eventually gave way to a sobering reality check.
The collapse of the LIBRA token stands as a cautionary tale for investors and developers alike. Tied to the political drama of Argentine President Javier Milei, LIBRA’s implosion didn’t just wipe out millions in liquidity—it also shattered the illusion that meme coins could deliver consistent, reliable returns. The $107 million drained from LIBRA’s collapse, and the estimated $4 billion in broader losses, served as a wake-up call for anyone still clinging to the hope of easy riches.
The string of subsequent scams only deepened the sense of disillusionment. As more projects failed or turned out to be outright frauds, the pool of willing participants shrank. Token launches dried up, and the once-thriving meme coin market began to look like a shadow of its former self.
Meanwhile, the rise of stablecoins on Solana has brought a new sense of stability to the network. With nearly 80% of DEX volume now tied to these less volatile assets, Solana’s traders appear to be prioritizing security and predictability over the thrill of speculation. This isn’t just a Solana phenomenon, either—across the crypto world, stablecoins have gained traction as a preferred means of transacting and storing value, especially in uncertain times.
Looking ahead, the big question is whether meme coins can stage a comeback, or if the era of speculative mania on Solana is truly over. Some analysts argue that, as long as there’s a taste for risk and the promise of quick profits, meme coins will never fully disappear. Others believe that the lessons of 2025 will lead to a more mature, resilient ecosystem—one where innovation and utility take precedence over hype and speculation.
For now, one thing is clear: Solana’s meme coin market has undergone a seismic transformation in the past year. What was once a hotbed of speculative activity has cooled dramatically, replaced by a preference for stability and security. Whether this marks a temporary pause or a lasting shift remains to be seen, but for traders and observers alike, the story of Solana’s meme coin boom—and bust—is a compelling reminder of how quickly fortunes can change in the world of cryptocurrency.
