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SOL During the week of July 20 to July 26, memin activity on Solana Spot DEX reached its highest level since August last year. Data shows that memin accounts for 29% of the network's spot DEX trading volume, a significant increase from 10% to 15% a few weeks ago.
The rest of the chart denies the simple conclusion that Solana is a memo-dominated network. In the same week, SOL-stablecoin trading pairs accounted for 37% of trading volume, and stablecoin swaps accounted for 22%. Foreign tokens account for 5%, and project tokens and tokenized assets each account for 3%. Memein ranks second, not first.
ANSEM pulls dormant traders back into the market
The revival of memin on the network can actually be traced to a token. ANSEM (or The Black Bull) was launched on Pump.fun in late June. It has no products, no teams, and no roadmap. The only thing it had was its connection to Ansem, one of the most active traders on Solana-an anonymous developer who airdropped large supplies into his wallet and decided to follow the trend rather than ignore it. He then promised to reallocate Pump.fun's creator fees to holders through weekly airdrops. Traders are buying this promise, not any agreement mechanism.
ANSEM surged by about 18,000% in just three days. The rally did not stop and eventually reached a peak market value of approximately US$449 million on July 7. This alone has injected new vitality into the Solana memin ecosystem. Trading volume on Pump.fun is gradually picking up, and according to data platforms, the launch platform currently handles approximately US$614 million of Solana's approximately US$1.65 billion in daily DEX transactions.
It's worth noting that this is happening at a time when crypto market sentiment is still in the fear zone of 29.
The supply of stablecoins exceeded US$15 billion and remained stable during the market downturn.
The revival of memin does not mean that the network has returned to its status as a meme chain. This label no longer applies to Solana, and the composition of transaction volume is only a superficial reason.
The supply of stablecoins exceeded US$15 billion in July. Among them, stablecoins other than USDC and USDT accounted for approximately US$4.81 billion. The important number here is not the peak, but the persistence. This liquidity did not withdraw during the market downturn in 2026, and speculative capital is usually the first to leave at this time.
There are two institutions that rely on this. Western Union deployed USDPT on Solana as a settlement layer, and B2C2 listed Solana as its main stablecoin settlement network. B2C2 is an institutional market maker, so this decision is based on the operational level and is related to the actual transaction clearing location rather than the cooperation announcement.
RWA: An area where Solana quietly leads
Currently, Solana holds 2,582 tokenized real-world assets, more than any other chain in terms of asset count. The value of distributed assets on the network has exceeded $3.5 billion. Only Robinhood Chain has more asset holders, while Robinhood's holder base comes from a single broker pushing its users into the chain, and Solana's comes from a wider range of issuers.
Stabiloins and RWA are the unobtrusive half of the network, but they are also the half that grows when prices fall.
The trading volume of memin itself is cyclical. It fell from 29% to single digits in 12 months, then rebounded again, and will happen again the next time a token rises 300% in a week. However, the supply of stablecoins and the amount of RWAs maintained one-way growth during the same period of time (including periods when no one was interested).
