Meme token activity returned to Solana, based on DEX activity. Solana now carries over 91% of all meme token trading on its major DEXs.
Solana retained its elevated activity levels, showing meme token trading is still one of its major use cases. The network is still key to spot DEX trading, securing stablecoin liquidity and growth for newly launched meme tokens.
As a result, trading apps on Solana now lock in nearly $1B in value, with up to $1.5M in daily revenue.
Solana briefly took a step back in meme token activity in August, when Robinhood advanced its own launchpads. However, the share of Robinhood meme token trading is down to 5%, while leaving Solana as the legacy spot for meme activity.
As Cryptopolitan reported, Solana also raised its transaction capacity, boosting its ability to carry real-time trading for memes and other assets. The chain is also among the leading venues for tokenized stocks, once again gaining an advantage over other platforms.
The performance of Solana also reveals there is still a risk appetite for spot trading on assets that are not yet exposed to perpetual futures markets.
Spot trading and other on-chain activities also boosted daily active wallets. In the past quarter, daily active addresses gradually doubled, reaching over 50M in October.
Solana leads in quarterly app revenues
As a result of still robust on-chain activity, Solana closed Q3 as a leader in terms of app revenues.
Solana has been the revenue leader for 10 consecutive quarters, with a robust baseline level of activity. In September and October, Solana revenues expanded from their lower baseline, showing a return of activity. In total, Solana carries over $3M in daily revenues from its apps, more than double the levels of Hyperliquid and far ahead of Ethereum.
For Q3, Solana achieved over $362M in app revenues, up from $253M in Q2. The latest period is the first quarter-on-quarter growth in 2026, showing a return of activity after a period of lower sentiment.
The Solana trend may continue, as trading apps are one of the fastest growth venues in the past month. Based on TokenTerminal data, Jupiter and Jito show the biggest growth in activity for the past 30 days.
SOL also responded by rising to $111.47, adding 47.9% to its price for the past three months. SOL trading activity also increased in August and September, erasing several months of price stagnation.
Daily volumes on Pump.fun reach one-year peak
A significant part of the boom in meme trading comes from Pump.fun. The platform spent months affected by “meme fatigue,” where traders in the trenches slowed down their activity.
In the past month, Pump.fun boosted its daily volume, peaking above $160M for multiple days in October. The activity on Pump.fun expanded with the new type of asset-backed meme token, or reflection token.
Daily token launches are once again regularly above 35,000 new assets, with nearly 20,000 creator addresses daily. The latest Pump.fun data suggests October kicked off another meme season on Solana, potentially boosting app revenues and DEX trading for the last quarter of 2026.
For Q3, Pump.fun reached $91.48M in total earnings, breaking the declining quarterly revenues of the launchpad. In 2026, Pump.fun achieved lower earnings, but still showed the ability to recover and react to improved sentiment. The platform also paid out over $31M in creator fees and cashbacks to incentivize its user base, while retaining a significant part of its revenues.
The recent Pump.fun performance shows memes are still one of the more robust crypto use cases, and a constant source of economic activity and user engagement.
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