Is Meme Season Done On SOL?

Back in Jan 2025 we saw Solana print $350B trading volume with memes accounted for $169B

But now it’s only $90B total trading volume in Dec and $10B for memes (down over 90%).

What used to run 70%+ of Solana DEX is now barely scraping under 5% of daily volume.

When I pulled up the chart I legit thought “is meme season done on Sol?”.
Then took me hours of digging to realize the casino didn’t die, it just got way smaller and way more selective.
Even the trenches look tired. Pumpfun still dominates every launchpad by a mile with 54% market share, but creation is down bad.

From thousands per day in early 2025 to a tiny trickle, and still only ~0.7% ever graduate into real liquidity. Daily graduates are now almost zero.

The downstream flow collapsed too:

– active wallets tied to memes fell from 300k/day at Pump’s peak into a slow-bleed trend

– pumpfun revenue slipped from $3M/day peak to roughly < $1M/day now
But I still see new runners people throw on the timeline like $Testicle or $Whitewhale

So the game already shifted. New cults take more time to cook and onboard normies. Degens want stickiness now, not speedruns.

And the fun part is while memes fade, other lanes on Sol is moonwalking past them:

– DEX volume up 20% QoQ

– perps volume exploded to $49B monthly

– prediction markets did $8B in a month

– stablecoins up hit ATH $15B

The data is the data. Memes aren’t at the adults table. Only sharps are still playing.

People love utility coins, and the better bet now is on something actually printing real value.