Solana memecoin trading is matching Bitcoin’s rise, as average daily volumes increased by approximately 45% since April. Furthermore the Monthly trading volume for meme coins on to Solana blockchain reached $58 billion during May
Being the Dominant Market Player Grows
The share of monthly trading volume on Solana that memecoins make up has risen from 56% in April to 64.6% by May 21. On May 8, Bitcoin reached $100,000 for the first time while also pushing the total volume of memecoins to $4.2 billion, the highest seen since mid-February.
Sector Performance
The memecoin sector is ranking at number five among 22 crypto sectors. Furthermore, an average rise of 59% over the past month has been recorded by the sector. There has been steady growth in weekly volumes since Bitcoin reached its bottom on April 7, with memecoins trading an average of 16% more each week through May 18.
LIBRA Scandal’s Impact
Despite the present increase, volumes have not reached their earlier peak. Earlier this year we saw President Javier Milei from Argentina promoting LIBRA memecoin. The men coin soared in value before crashing hard just two days later. It is recorded that two wallets made over $10 million by buying when Milei promoted the coin and selling at its highest point. A Classic case of Pump and Dump and manipulation by insiders.
People’s self-esteem is slowly improving.
When insider trading rumors appeared around Solana’s token launches after the LIBRA incident, many investors lost confidence. Although trading is picking up again, the volumes are still below what they were before the scandal in February.
Growing volume
Solana’s memecoins have shown they can handle crises as their volumes increased with Bitcoin’s rise, but the market is still building trust after the LIBRA scandal made many suspicious.
