If you've been following the crypto space, you've probably heard the critics labeling Solana as just a playground for memes and pump-and-dump schemes. But recent data tells a different story. In a recent tweet, Vibhu Norby, a mid-tier manager at the Solana Foundation and founder of projects like Drip Haus and Solana Spaces, pushed back against this narrative with some hard facts.

He shared a chart from Blockworks Research highlighting the evolution of Solana's decentralized exchange (DEX) volume over time. According to the data, meme token trading peaked at 47% of spot DEX volume during the week of January 20, 2025. Fast forward to now, and memes make up only 17% of the total volume. As Vibhu put it: "Facts > FUD."

Breaking Down the Chart

This stacked bar chart spans from March 2024 to September 2025, illustrating how different trading categories contribute to Solana's overall DEX volume. Here's a quick rundown of the key categories:

• SOL-Stablecoin: The gray bars represent trades involving Solana's native token (SOL) paired with stablecoins like USDC or USDT. These often form the backbone of liquidity on the chain.
• Memes: The purple section at the bottom shows meme token activity, which surged early in 2025 but has since tapered off.
• AI Agents: Pink bars indicate trading in AI-related tokens, a growing niche in crypto.
• Project Tokens: Orange for tokens tied to specific blockchain projects.
• Composite Assets: Green, covering bundled or derivative assets.
• Tokenized Assets: Yellow, like real-world assets (RWAs) turned into tokens.
• LST Swaps: Blue, referring to liquid staking tokens, which allow users to stake SOL while keeping liquidity.
• Stablecoin Swaps: Light green for swaps between different stablecoins.
• Bitcoin: Beige, likely wrapped BTC trades on Solana.

The chart reveals a clear trend: while memes drove a significant portion of volume earlier this year, other categories are stepping up. Total volume has fluctuated, peaking around March 2025 before stabilizing. This diversification suggests Solana is maturing beyond just viral tokens, attracting more serious DeFi (decentralized finance) activity.

Why This Matters for Meme Tokens

At Meme Insider, we're all about unpacking the world of meme coins, and this data is a goldmine. Memes aren't disappearing—they're just becoming a smaller slice of a bigger pie. This could mean a few things:

• Maturing Market: As Solana's infrastructure improves, with faster transactions and lower fees, it's drawing in institutional players and real utility projects. Think AI agents automating trades or tokenized real estate changing how we invest.

• Regulatory Shifts: With global crypto regulations tightening, pure speculation (like many memes) might face more scrutiny, pushing volume toward compliant assets.

• Opportunity for Memes: Lower relative volume doesn't spell doom. In fact, it could signal a healthier ecosystem where memes thrive alongside other categories without overwhelming the network. Remember, Solana's high throughput makes it ideal for quick, fun trades that memes excel at.

Vibhu's tweet sparked some lively replies. Some users joked that the data still shows memes as a key driver, while others defended Solana's tech edge. One reply even brought up competitors like ICP, highlighting the ongoing chain wars in crypto.

Broader Implications for Blockchain Practitioners

If you're building or trading on Solana, this shift is worth watching. DEXes like Raydium or Jupiter Aggregator are seeing more varied activity, which could lead to better liquidity pools and innovative tools. For meme creators, it's a reminder to blend fun with utility—maybe incorporate AI elements or tie into real-world assets to stand out.

Want to dive deeper? Check out the original tweet here or explore Blockworks Research for more analytics on Solana's growth.

As the ecosystem evolves, staying informed is key. At Meme Insider, we'll keep tracking these trends to help you navigate the wild world of meme tokens and beyond.