SOL Perpetual Trading Share Falls to 6% as Solana Seeks to Reduce Meme-Coin Dependence and Attract Wall Street

What happened

Solana's share of on-chain perpetual trading volume fell from 17% to 6%, according to a Galaxy Research report. Meme coins dropped to 15% to 20% of Solana trading volume, down from over 50% at the end of 2024. U.S.-listed SOL exchange-traded funds saw about $50 million in outflows over two consecutive weeks this month.

Confirmed

Global impact / market context

Solana earned much of its activity from meme coins, which are highly speculative tokens. As that trading fades, fees and user activity tied to it shrink, pressuring SOL demand. The foundation's pivot toward stablecoins and tokenized assets is an attempt to replace volatile trading revenue with steadier activity from institutions.

Analyst inference

The shift comes during a weak crypto market and rising competition from Hyperliquid in perpetual trading, where traders bet on future prices without owning the asset. Falling SOL fund flows show investors pulling money out, so Solana's move toward mainstream financial applications is a bet to regain usage and capital.

Analyst inference

What to watch

1. Watch whether meme coins keep shrinking as a share of Solana trading volume, since the report shows a drop from over 50% to 15% to 20%. Confirmed
2. Watch whether the Solana Foundation delivers on its stated shift toward stablecoins and tokenized assets, meaning digital tokens backed by real-world assets such as bonds or funds. Proposed
3. Watch SOL exchange-traded fund flows for a switch from two straight weeks of outflows, about $50 million, to inflows, a sign institutions are returning. Analyst inference

Affected assets

• SOL — Solana

Evidence

• binance.com