Memecoin trading activity on Solana is tracking Bitcoin’s recovery, with the average daily trading volume rising 46% between April and May.
According to Blockworks data, monthly trading volume for memecoins on Solana was $58.7 billion as of May 21, already over $1 billion higher than the volume registered in April.
Additionally, memecoins accounted for 64.6% of all monthly trading volume on Solana as of May 21, up from 56% in April.
Notably, memecoin activity correlated heavily with Bitcoin breaking the $100,000 threshold on May 8, gradually increasing to nearly $4.2 billion. This is the highest daily trading volume for memecoins on Solana since Feb. 15.
A price increase in the memecoin sector reflects the volume growth. In the past month, the memecoins were the fifth-best-performing sector in crypto among 22, rising 59% on average, based on Artemis data.
Lack of confidence despite boosted volume
Weekly volumes also show consistent growth since Bitcoin bottomed on April 7. Memecoin weekly trading activity showed an average increase of 16% as of the week ending May 18.
Between May 12 and May 18, Solana-based memecoins reached nearly $24 billion in weekly volumes. This is the highest level since the week ending on Feb. 16.
In the last week of April, memecoins represented 61.5% of all volume traded on Solana, the highest proportion since the week ending on Feb. 16.
Despite the market starting to decrease on Feb. 1, after President Donald Trump signed an executive order making trade tariffs official, the plunge in Solana’s memecoin activity happened only two weeks later.
On Feb. 14, Argentinian president Javier Milei endorsed the LIBRA memecoin as a way to fund small ventures in the country.
Although the token’s market cap reached $4.5 billion, its price crashed 95% only two days after Milei’s mention.
A few days later, a report by Nansen highlighted that two wallets profited over $10 million with the token. The addresses bought LIBRA right after Milei’s endorsement and sold at the exact $4.55 peak.
The incident prompted rumors of heavy insider activity on Solana’s token launches, which caused a major dent in investor confidence, which has yet to recover to levels seen before the incident.
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