High-risk on-chain transactions on Solana have recently surged again. Data shows that 62,000 dormant wallets flowed back to the Solana decentralized exchange last week, an increase of over 400% from the previous week, marking a new high in more than a year.
Meme coin accounted for nearly 20% of the transaction volume.
According to Blockworks data, the total spot trading volume on Solana DEX last week was approximately $10.6 billion, with meme coins contributing about $2.06 billion, accounting for about 19%. This means that despite pressure on mainstream assets, on-chain speculative trading is still experiencing a partial recovery.
The article mentions that although $SOL still faces broader market pressure, some traders continue to take on higher risks within the Solana ecosystem, with funds clearly flowing towards newly issued tokens and short-term themes.
- Dormant wallets returning to service: 62,000
- Solana DEX weekly spot trading volume: approximately US$10.6 billion
- Memecoin weekly trading volume: approximately $2.06 billion
pump.fun's daily revenue exceeds Hyperliquid's.
One of the most significant beneficiaries of this resurgence in activity is pump.fun, the Solana token issuance platform. The article states that the platform generated approximately $1.21 million in 24 hours, higher than Hyperliquid's approximately $1.03 million during the same period.
As new tokens continue to emerge and spread virally, pump.fun continues to attract new trading volume, further amplifying the concentration of meme token trading on the Solana chain.
JIMOTHY, KET, and ANSEM drive the buzz
The rapid rise of individual tokens is the most direct manifestation of this recovery. Take the raccoon-themed meme coin $JIMOTHY as an example. The token once rose to a market capitalization high of $46.4 million on July 22, and then fell back to about $29 million.
Another token, $KET, once rose to a market capitalization of approximately $15 million before falling back to approximately $8.39 million. Meanwhile, $ANSEM has maintained its popularity since its launch and is currently valued at approximately $169 million.
The article argues that the resurgence of animal-themed tokens indicates that high-risk traders who previously exited the market are returning to the Solana ecosystem. Meme tokens remain a significant driver of Solana usage and on-chain transactions.
