Memecoins Reclaim 29% of Solana’s Spot DEX Volume, Highest Share Since August 2025

In the week running July 20 to July 26, memecoin activity on Solana’s spot DEXs reached levels not seen since August last year. Data from Blockworks shows that Memecoins made up 29% of the network’s Spot DEX volume, which is a notable jump from just a few weeks ago, when the numbers were between 10% to 15%. 

Source: Blockworks

The rest of the chart dismisses the easy conclusion of Solana being a meme-dominated network. SOL-stablecoin pairs made up 37% of volume over the same week and stablecoin swaps another 22%. Foreign tokens took 5%, with project tokens and tokenized assets at 3% each. Memes came second, not first.  

ANSEM Pulled Dormant Traders Back

The memecoin revival on the network can actually be traced back to a single token. ANSEM or The Black Bull, launched on Pump.fun in late June. It has no product, no team and no roadmap. What it does have going for it is an association with Ansem, one of the loudest traders on Solana, after an anonymous developer airdropped a large share of supply to his wallet and he decided to run with it rather than ignore it. He then pledged to redistribute his Pump.fun creator fees to holders through weekly airdrops. That pledge, not any protocol mechanism, is what traders were buying.

ANSEM saw an explosive rally of around 18,000% in just three days. The rally didn’t stop there and finally peaked at a market cap of around $449 million on July 7. This alone was able to instill some life back into the Solana memecoin meta. Volumes on Pump.fun have gradually started to tick back up and, according to DefiLlama, the launchpad now routes about $614 million of Solana’s roughly $1.65 billion in daily DEX volume. 

What makes this notable is the fact that this is taking place while crypto sentiment is still well within the fear territory of 29. 

Stablecoin Supply Crossed $15 Billion and Stayed There Through the Drawdown 

A memecoin revival does not mean the network is back to having the memechain status. That label stopped describing Solana some time ago, and the volume mix is only the surface of why. 

Stablecoin supply passed $15 billion in July. Stablecoins outside USDC and USDT account for around $4.81 billion of that total. The number that matters here is not the peak, it is the persistence. That liquidity did not leave during the 2026 downturn, which is usually when speculative capital exits first.

Two names have leaned on it. Western Union deployed USDPT on Solana as a settlement layer, and B2C2 named the chain its primary stablecoin settlement network. B2C2 is an institutional market maker, so that call is an operational one about where trades actually clear. It is not a partnership announcement. 

RWAs Are Where Solana Quietly Took the Lead

Solana now hosts 2,582 tokenized real world assets, more than any other chain by asset count as per rwa.xyz. Distributed asset value across the network crossed $3.5 billion. Only Robinhood Chain has more asset holders, and Robinhood’s holder base arrives through a single brokerage pushing its own users onchain, while Solana’s comes from a wider set of issuers.

Stablecoins and RWAs are the unglamorous half of the network. They are also the half that grew while prices fell.

Meme volume is cyclical by design. It ran from 29% down to single digits and back inside twelve months, and it will do that again the next time a ticker runs 300% in a week. Stablecoin supply and RWA counts moved in one direction across the same stretch, including the parts of it nobody enjoyed. 

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