If you've been keeping an eye on the Solana blockchain, you might have noticed some interesting shifts in trading patterns. A recent tweet from Ryan Connor, Head of Research at Blockworks, highlights a key trend: memecoins are actually losing market share in terms of volume as more SOL trading moves onchain.

For those new to the space, memecoins are cryptocurrency tokens often inspired by internet memes, jokes, or viral trends. Think Dogecoin or Shiba Inu, but on steroids in the Solana ecosystem where low fees and fast transactions make them thrive. DEX, or decentralized exchange, volume refers to the total value of trades happening on platforms like Raydium or Orca directly on the blockchain, without centralized intermediaries.

The chart shared in the tweet paints a clear picture. It breaks down Solana's DEX volume by pair categories over time, from mid-2024 to September 2025. Memecoins, shown in purple, have dominated the scene for a while, but their slice of the pie is shrinking relative to other categories like SOL-stablecoin swaps, Bitcoin trades, and even tokenized assets.

What's Driving This Shift?

As Solana continues to mature, more institutional and serious trading is migrating onchain. This means bigger players are swapping SOL for stablecoins like USDC or USDT, or even dipping into tokenized real-world assets. These aren't as flashy as memecoins, but they bring in substantial volume. The tweet points out that this influx is diluting memecoins' dominance, even if their absolute trading volumes might still be high.

One reply to the tweet asked if this was by dollar volume or number of trades, and Ryan clarified it's dollar volume. That's important because memecoins often see a ton of small, retail-driven trades, but the big money moves in other categories could be outweighing them.

Implications for Meme Token Enthusiasts

For anyone building or investing in meme tokens on Solana, this could signal a need to adapt. While memecoins aren't going away—they still command a huge portion of the volume—the ecosystem is diversifying. This might mean more competition from "project tokens" (orange in the chart) or AI agents (pink), which are gaining traction.

If you're looking to stay ahead, keep an eye on tools like DexScreener for real-time data or dive into Solana's developer resources at Solana Docs. Trends like this remind us that blockchain tech is evolving fast, and what was hot yesterday might need a refresh tomorrow.

Wrapping Up the Trend

Overall, this data underscores Solana's growth beyond just meme mania. As onchain trading expands, expect more balanced volume distribution. For meme insiders, it's a cue to innovate—perhaps blending memes with real utility to capture that shifting market share. What do you think—will memecoins bounce back, or is this the start of a new era? Share your thoughts in the comments!