Memecoins Reclaim 29% of Solana’s Spot DEX Volume, Highest Share Since August 2025

In the week running July 20 to July 26, memecoin activity on Solana’s spot DEXs reached levels not seen since August last year. Data from Blockworks shows that Memecoins made up 29% of the network’s Spot DEX volume, which is a notable jump from just a few weeks ago, when the numbers were between 10% to 15%. 

Source: Blockworks

The rest of the chart dismisses the easy conclusion of Solana being a meme-dominated network. SOL-stablecoin pairs made up 37% of volume over the same week and stablecoin swaps another 22%. Foreign tokens took 5%, with project tokens and tokenized assets at 3% each. Memes came second, not first.

ANSEM Pulled Dormant Traders Back

The memecoin revival on the network can actually be traced back to a single token. ANSEM or The Black Bull, launched on Pump.fun in late June. It has no product, no team and no roadmap. What it does have going for it is an association with Ansem, one of the loudest traders on Solana, after an anonymous developer airdropped a large share of supply to his wallet and he decided to run with it rather than ignore it. He then pledged to redistribute his Pump.fun creator fees to holders through weekly airdrops. That pledge, not any protocol mechanism, is what traders were buying.

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