Meme Coin Market Share on Solana Plummets from 70% to Below 10% of Total Volume

Meme Coin Trading Decline: Solana's meme coin trading has fallen to 9.2% of the network's DEX volume, the lowest in nearly two years, as investors move away from high-risk tokens following scams and fraud incidents.

Impact of Fraud on Market Activity: High-profile fraud cases, including the collapse of the LIBRA token, have led to a significant drop in user activity and a 42% decrease in new token launches on Solana since January.

Shift Towards Stablecoins: Stablecoin transactions now account for nearly 80% of DEX volume, indicating a preference for liquidity and stability over speculative investments, as traders reassess their risk tolerance.

Market Evolution: The decline in meme coin trading suggests Solana is transitioning towards a more mature decentralized finance ecosystem, potentially attracting institutional investors who were previously deterred by the speculative nature of the network.