In the fast-paced world of crypto, keeping tabs on onchain data is key to spotting trends, especially for meme token enthusiasts. The latest weekly report from LookOnChain, shared on X, breaks down some eye-opening shifts in stablecoins, DEX trading volumes, and big moves by whales and institutions for the week of September 22-28, 2025. Let's unpack this and see what it means for the meme token scene.

Stablecoin Market Dynamics

Stablecoins like USDT and USDC are the lifeblood of crypto trading, providing stable value pegged to the US dollar for seamless transactions without the volatility of other assets. According to the report, the overall stablecoin market cap dipped by $1.81 billion last week. The biggest hit? Ethereum, where USDT and USDC holdings plummeted by a whopping $3.38 billion.

But it's not all outflows. Chains like BSC (Binance Smart Chain) and Solana saw massive inflows: +$994 million for BSC and +$834 million for Solana. These platforms are hotspots for meme tokens—think of the countless dog-themed coins on Solana or the quick-launch projects on BSC. More stablecoins flowing in means increased liquidity, making it easier for traders to jump in and out of positions, potentially sparking more meme coin pumps.

Other notable gainers include Optimism (+$541M), Arbitrum (+$337M), and Mantle (+$114M). On the flip side, Avalanche (-$555M) and Hyperliquid (-$300M) experienced significant outflows. For meme token hunters, this data suggests keeping an eye on BSC and Solana, where fresh capital could ignite viral projects.

DEX Trading Volumes Explode

Decentralized exchanges (DEXs) are where the action happens without intermediaries, and last week's numbers are off the charts. Spot trading volume hit $140.33 billion, up 18.68% from the prior week. Uniswap led with $28.89 billion (up 25.01%), followed by PancakeSwap at $22.335 billion (up 7.19%). PancakeSwap, built on BSC, is a favorite for meme token launches due to its low fees and easy swaps.

Even more impressive: perpetual futures (perps) trading volume skyrocketed to $515.258 billion, a 230.72% week-over-week jump. Perps allow traders to bet on price movements with leverage, amplifying gains (or losses) on volatile assets like meme coins. Aster dominated here with $270.679 billion (up an insane 2385.80%), while Hyperliquid added $80.527 billion (up 34.05%).

Aster, a DEX on BNB Chain offering up to 1001x leverage on crypto and stock derivatives, is gaining traction fast. This surge in perps volume could mean more speculative trading in meme tokens, as traders use leverage to chase quick profits on hyped-up coins.

Whale and Institutional Moves

Whales—big holders who can sway markets—and institutions made headlines too. BitMine scooped up 234,846 ETH worth $963 million, boosting their holdings to 2,650,900 ETH ($10.87 billion). Meanwhile, Strategy grabbed 196 BTC for $22.1 million at around $113,048 per coin, bringing their stash to 640,031 BTC ($72.9 billion).

But the real intrigue for meme fans? Two whales amassed 129.59 million ASTER tokens worth $259 million, representing 7.82% of the circulating supply. ASTER is the native token of the Aster DEX, powering its ecosystem for high-leverage trading. This accumulation hints at growing confidence in Aster's platform, which could become a go-to for meme token perps given its BNB Chain roots and massive volume growth.

What This Means for Meme Tokens

These trends paint a picture of shifting liquidity toward efficient, low-cost chains like BSC and Solana, where meme tokens thrive. With more stablecoins available, DEX volumes booming, and whales betting big on platforms like Aster, we might be on the cusp of another meme coin frenzy. If you're building or trading in the meme space, monitor these chains closely—opportunities could pop up overnight.

For the full scoop, check out the original post on X. Stay tuned to Meme Insider for more insights on how onchain data shapes the meme token landscape.