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Solana memecoins captured 29% of spot DEX volume from July 20 through July 26, their largest weekly share since August 2025, according to Blockworks data. Even so, SOL-stablecoin pairs remained the leading category at 37%, while stablecoin swaps represented another 22%.
Foreign tokens accounted for 5% of volume, while project tokens and tokenized assets each held 3%. Therefore, memecoins ranked second across Solana’s spot decentralized exchanges. Can Solana still carry a meme-dominated label when stablecoin-related activity controlled 59% of weekly spot DEX volume?
Still, the 29% meme share marked a sharp recovery from the 10% to 15% range recorded only weeks earlier. The shift followed renewed speculation around ANSEM, also known as The Black Bull.
ANSEM launched on Pump.fun in late June without a product, team, or roadmap. An anonymous developer sent a large supply share to Solana trader Ansem, who supported the token. He later pledged to distribute his Pump.fun creator fees to holders through weekly airdrops. The pledge, rather than a protocol feature, became the token’s central market narrative.
ANSEM climbed about 18,000% within three days and reached a market value near $449 million on July 7. Pump.fun activity then began rising alongside the wider memecoin revival.
DefiLlama data shows Pump.fun now routes about $614 million of Solana’s roughly $1.65 billion in daily DEX volume. The activity emerged while crypto sentiment remained in fear territory at 29.
Also Read: Solana Price Forecast: SOL Stabilizes Near $76 With $80 Resistance in Focus
Meanwhile, Solana’s stablecoin supply crossed $15 billion in July and remained above that mark during the 2026 downturn. Stablecoins excluding USDC and USDT represented about $4.81 billion. Western Union deployed USDPT on Solana as a settlement layer. B2C2 also selected Solana as its primary stablecoin settlement network for clearing market activity.
Solana hosts 2,582 tokenized real-world assets, more than any other chain by asset count, according to rwa.xyz. Their distributed value across the network exceeded $3.5 billion.
Only Robinhood Chain has more asset holders. Its users largely come through one brokerage, while Solana’s holder base comes from a broader group of issuers. Meme volume moved from 29% to single digits and back within twelve months. In contrast, stablecoin supply and real-world asset counts continued rising through the market decline.
Solana’s July activity combined a strong memecoin rebound with deeper stablecoin and real-world asset usage. Memecoins reached 29% of weekly spot DEX volume, but stablecoin-related pairs controlled 59%. Meanwhile, stablecoin supply stayed above $15 billion and tokenized asset value exceeded $3.5 billion.
