The Trading Volume of Meme Coin on Solana has fallen to its lowest level in 2 years.

In the past two years, meme coins on the Solana platform have emerged as a special phenomenon during the strong bull run periods.

The main reason is that they have played a significant role in driving most of the natural trading demand on the Solana network. Many analysts believe that the meme coins of Solana are linked to the optimistic sentiment of the market, especially due to the outstanding trading volume.

Currently, most opinions are optimistic about the recovery of the market. However, the meme coins of Solana have not yet recorded a significant comeback; in fact, their popularity has dropped to the lowest level in many years.

According to the latest data from Blockworks, this segment currently accounts for less than 5% of the total trading volume of meme coin on DEX exchanges. Notably, in the past, the volume of meme coin once accounted for up to 70% of the total trading on Solana's DEX.

The strong growth of SOL was once driven by the meme coin wave. However, with the current decline in trading volume, the possibility of SOL continuing to break through thanks to this factor is being questioned.

Solana leads in trading volume across DEX blockchains

The significant drop in the volume of meme coins has confirmed that one of the biggest drivers of demand for SOL is no longer effective as before.

At first glance, many people would think that this development will strongly affect the natural demand for this cryptocurrency. However, Solana still maintains an impressive trading volume, even leading in application revenue and DEX volume in the last 24 hours.

Solana DEX trading volume and application revenue | Source: DeFiLlamaSolana has surpassed major networks like Ethereum and BNB Chain, asserting its number one position in trading activity.

In other words, despite the significant decline of meme coins, Solana has still maintained a strong level of network activity. This indicates that Solana has attracted real capital and transactions, going beyond the speculative realm of meme coins. This is a positive signal, reflecting a shift from speculation to real value.

Thus, SOL can completely maintain stable natural demand, independent of speculative factors.

The price of SOL ended November with a decrease of 28%, but there are still many hopes.

In terms of price movement, SOL experienced a volatile November, primarily trending downwards. This coin ended the month with a decrease of about 28% compared to its opening price.

Source: Trading ViewThe effort to recover the price in the last week of the month has failed, causing SOL to continue to decline in the final days. Nevertheless, analysts still pay a lot of attention to the strong recovery potential of Solana in the near future.

SOL has remained among the leading cryptocurrencies in demand over the past 12 months, thanks to strong network activity and a prominent position in the blockchain ecosystem.

Although the indicators of network activity and trading volume still support Solana, actual demand has not yet recovered significantly.

However, the trading data of the whales shows that this group continues to accumulate SOL, particularly at recent discounted price levels.

The demand for spot trading from whales is generally still positive over the weekend as prices adjust, but the level of accumulation is not yet really strong and stable.

Meanwhile, the Solana ETF segment has recorded many positive signals, with continuous positive capital flow in November. These ETFs attracted approximately 618 million USD during the month, and there was only one day that recorded negative cash flow.

The Solana ETF continues to make an impression by maintaining positive capital flow since its launch, further reinforcing confidence in the potential development of this network in the future.

Mr. Teacher