Solana Surpasses Ethereum in Weekly On-Chain Trading Volumes Amid Meme Coin Surge

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

A significant driver behind Solana’s momentum appears to be the rise in meme coin activity, which now accounts for 40% of its trading landscape. The meme coin marketplace pump.fun now constitutes 35% of Solana’s total decentralized exchange volume. Despite the extensive hype, only 0.76% of pump.fun wallets have generated $1,000 or more.

The influx of speculative trading has led to a dramatic increase in token generation on the network, capturing an impressive 86% market share, up from 60% in early September. Weekly token generation skyrocketed from 45,000 to 110,000 tokens.

Meme Coins Outperforming Other Sectors

Meme coins have outperformed other sectors, with the GMCI’s Meme Index rising 34% in September, closely trailing the 39% growth of the GMAI Index. Year-to-date, the index has surged 140%, far surpassing the GMAI Index’s 83% growth.

Analysts suggest that Solana’s burgeoning meme coin activity “could potentially catalyze broader growth across the entire industry,” adding that the current calm in crypto markets may be the “prelude to a storm as the U.S. election approaches.”

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