Solana memecoin share hits 29% as ANSEM rally revives DEX activity

Memecoin pairs reclaimed 29% of Solana's spot DEX volume in the week ending July 26, the highest reading since August 2025, driven by a single token's 18,000% rally.

Memecoin pairs accounted for 29% of Solana's spot DEX volume in the week ending July 26, the highest share since August 2025, according to Blockworks data.

"The ANSEM rally in early July pulled dormant traders back onto Pump.fun, which now routes roughly $614 million of Solana's $1.65 billion in daily DEX volume," Jason Wu, on-chain analyst at Edgen, said.

The 29% reading marks a sharp recovery from the 10% to 15% range seen in preceding weeks. SOL-stablecoin pairs still commanded the largest share at 37%, with stablecoin swaps at 22%, foreign tokens at 5%, and project tokens and tokenized assets each at 3%. The revival traces to ANSEM, a memecoin launched on Pump.fun in late June that rallied roughly 18,000% in three days and peaked at a $449 million market cap on July 7.

The memecoin resurgence comes while the broader crypto market remains in fear territory — the Crypto Fear & Greed Index sat at 29 — suggesting speculative activity is concentrating on Solana rather than reflecting a broad risk-on shift. Behind the memecoin noise, stablecoin supply on Solana crossed $15 billion in July and has held above that level through the downturn, with non-USDC/USDT stablecoins accounting for roughly $4.81 billion.

Stablecoins and RWAs Tell a Different Story

The volume mix alone dismisses the "memechain" label that has followed Solana through previous cycles. Stablecoin supply persistence through the 2026 downturn marks a structural shift: Western Union deployed USDPT on Solana as a settlement layer, and institutional market maker B2C2 named the chain its primary stablecoin settlement network — an operational decision about where trades actually clear.

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

Meme volume is cyclical by design. It ran from 29% down to single digits and back inside 12 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.

This article is for informational purposes only and does not constitute investment advice.