- Solana perp DEXs have moved past $2 billion in daily trading volume.
- Memecoin trading cooled sharply, with volume down 62%, while Solana stablecoin transfers reached $79.9B last week.
Solana’s on-chain activity is showing a split market as perp trading rises while memecoin-linked spot volume cools. Perpetual DEXes on Solana crossed $2 billion in daily trading volume as the network recorded a sharp rise in derivatives activity.
The move comes while Solana’s memecoin engine loses momentum. Recent market data revealed that memecoin volume has dropped 62%, weakening one of the main drivers behind Solana’s spot DEX activity earlier this year. The shift shows traders moving from high-turnover meme tokens toward perps, stablecoins, and other on-chain markets.
Solana DEX activity had already faced pressure after weekly trading volume dropped from about $104.3 billion in the week of May 11 to nearly $18.8 billion in the week of May 25. Meteora, one of the largest venues in that period, fell from about $93.1 billion to $9.2 billion during the same window.
Memecoin launch activity also weakened, reducing the number of fresh tokens that usually feed short-term trading. Fewer launches reduced daily churn across DEX pools, while trading bots and launchpad-linked activity also faced lower demand. That cooling appears clearer in spot markets than in derivatives.
Solana Perp Trading Gains as Spot Demand Shifts
Meanwhile, Solana perp DEXs are drawing stronger attention. Perp DEX volume topping $2 billion in daily trading shows that traders still use Solana heavily, even as memecoin demand slows. The growth also follows Solana’s public support program for builders working in the perpetual futures space.
That program focuses on team-building, trading infrastructure, liquidity tools, and risk systems for perp markets. It also comes at a time when on-chain derivatives are gaining more use across crypto. Solana’s low fees and fast settlement remain central to that activity.
However, spot DEX trading and perpetual futures serve different users. Memecoin activity usually grows when new tokens launch and retail traders chase quick moves.Â
Meanwhile, data shared by Zensei shows Solana handled $79.9 billion in stablecoin transaction volume last week, with large daily flows still moving across the chain.
stablecoin activity on solana continues operating at a scale most networks can only dream of.
last week alone, solana processed $79.9B in stablecoin transaction volume, with billions of dollars moving across the network every single day.
when people choose to move money… pic.twitter.com/HWm0AgpbZO
— Zensei (@zensei) June 2, 2026
Additionally, Solana continues to gain activity in real-world asset spot trading. Market trackers show stronger use of tokenized assets and stablecoin rails on the network, adding another layer beyond memecoins. This gives Solana several active sectors, even while one major retail trend slows.
On the holder side, Glassnode’s HODL Waves data showed the one-to two-year SOL cohort fell from 16.049% of supply on May 21 to around 15% by June 1. That change suggests some longer-term holders moved coins while DEX volumes weakened.
Solana price has remained below $80, trading near $78.87 after losing 2.7% in the past 24 hours.
