Following controversial memecoin launches in 2025, memecoin volumes sharply declined, reaching year-to-date lows. Solana is a volume-driven chain, with much of its app economy constructed around facilitating and charging for trading activity. Unlike other chains, Solana’s overall volumes are predominantly driven by memecoin activity, with memecoin volume share on DEXs reaching 70% in February. Furthermore, over 60% of Solana’s app revenue is highly exposed to memecoins, representing over $3 billion in annualized revenue. This exposure is further exacerbated by the interdependencies among Solana applications, which rely on each other for revenue generation.
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