Memecoin trading activity in Solana tracks Bitcoin recovery, with average daily trading volumes increasing by 46% between April and May.
According to BlockWorks dataSolana’s Memecoins monthly trading volume was $58.7 billion as of May 21, already exceeding $1 billion from the volume registered in April.
Additionally, MemeCoins accounted for 64.6% of all Solana’s monthly trading volume as of May 21, up from 56% in April.
In particular, MemeCoin’s activities were heavily correlated with Bitcoin’s smashing the $100,000 threshold on May 8, gradually increasing nearly $4.2 billion. This is Memecoins’ highest daily trading volume in Solana since February 15th.
The rising prices in the Memecoin sector reflects volume growth. Over the past month, Memokine was the fifth best sector out of the 22, rising by an average of 59% based on Artemis. data.
Despite boosting volume, lack of confidence
Also, as Bitcoin bottomed on April 7th, the weekly volume shows consistent growth. MemeCoin weekly trading activity showed an average increase of 16% for the week ending May 18th.
From May 12th to May 18th, Solana-based Memecoin reached nearly $24 billion a week. This is the highest level since the week that concludes on February 16th.
In the last week of April, MemeCoins represented 61.5% of all volumes traded in Solana, the highest percentage since closing on February 16th.
Despite the markets beginning to decline on February 1, Solana’s charge of memocoin activities came just two weeks later after President Donald Trump signed an executive order officially making trade tariffs.
On February 14th, Argentine President Javier Mirei Libra has been approved Memocoin as a way to fund small domestic ventures.
The token’s market capitalization reached $4.5 billion, but its price crashed 95% just two days after Milei’s mention.
A few days later, Nansen’s report highlighted that the two wallets had earned more than $10 million in tokens. The address purchased Libra right after Milei’s approval and sold at an exact peak of $4.55.
The incident prompted rumours of heavy insider activity over the launch of Solana’s tokens, causing a huge dent in investor trust.