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In February 2025, Solana’s decentralized exchange (DEX) experienced a significant surge in trading volume, accounting for 43% of on-chain transactions. This spike temporarily positioned Solana 
$180 ahead of its competitors in the market. However, by March, this figure dropped to approximately 30%, raising concerns among market observers.
Impact of the Memecoin Crisis
The decline in trading volume can largely be attributed to developments during what is termed the “memecoin crisis.” Notably, the Libra token saw billions of dollars in value evaporate in a short time. Additionally, another token associated with the U.S. President caused considerable market fluctuations. According to a VanEck report, the memecoin crisis led to significant volatility in the Solana ecosystem, adversely affecting its trading volume during periods when smaller tokens were reaping substantial gains.
Despite these challenges, positive developments persist within the Solana ecosystem. Major platforms like Raydium play a crucial role in Solana’s expanding network, contributing to increased trading volumes and significant revenue growth on-chain.
Raydium and On-Chain Performance Increases
Raydium stands out with over $1.3 billion in total value locked, highlighting the strength of Solana’s ecosystem. Moreover, the price of the SOL token saw a remarkable increase of 191% in recent times. As Solana continues to increase its trading volume compared to Ethereum 
$2,614, it also achieved a 700% rise in on-chain revenue and a 291% increase in stablecoin supply.
Memecoin transactions form a significant portion of activities on the Solana blockchain. These transactions often start on smaller platforms and escalate to larger DEXs like Raydium. Nonetheless, despite facing adverse fluctuations, Solana’s ecosystem continues to demonstrate strong performance.
