The cryptocurrency market has certainly struggled with consistency just four months into the new year. Moreover, this has created a rather concerning problem for the memecoinmarket, as sluggish price performances have been the norm. However, that may be changing, as Solana has seen its daily meme coin trading volume jump by $1 billion in May as it dominated activity.
The development shows that the asset class on the Solana network may be tracking Bitcoin. Indeed, the leading cryptocurrency surged to a $111,000 all-time high this week amid a historic jump. Now, that could be propelling a host of other digital assets up in the same way.
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Solana Memecoin Trading Volume Jumps 46% Between April and May
Entering 2025, there were few cryptocurrencies that had the kind of hype Solana had. The token was set to be the subject of several ETF filings. Moreover, there was a good chance that it would soon join Bitcoin and Ethereum, with the investment vehicle being approved eventually. Additionally, it stood as one of the biggest sources of meme coins in the industry.
Regardless of what one thinks of the memecoin sector, its popularity is undeniable. That has been massive for the network as a whole, as it has continued to drive traffic and participation. In fact, that took another major step this month, when the Solana memecoin daily average trading volume jumped $1 billion in May, with activity dominating.
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According to Blockworks data, Solana saw its average daily trading volume jump 46% from April. Moreover, it reached a value of $58.7 billion this month. That continues to reiterate the importance that the asset class has to the blockchain. Indeed, memecoins accounted for more than 64% of May trading volume on Solana, up from 56%.
In early May, when Bitcoin broke through the six-figure mark, Solana meme coin activity surged to a height of $4.2 billion. That figure proved to be its highest mark since February of this year. Additionally, it verified that the asset class would perform alongside the surging value of BTC. With the leading crypto projected to reach heights of $135,000, that could be a very good thing for the network.