Solana’s spot trading mix shifted from memecoins toward stablecoin swaps and trading in Solana (SOL), the network’s native token, in the first half of 2026, before memecoin activity recovered later.

Memecoins represented 16% of Solana spot volume from January through June, down from 40% in the same period of 2025. Stablecoin swaps rose to 19% from 6%, while SOL trading increased to 53% from 41%. Together, stablecoin swaps and SOL made up 72% of spot volume, compared with 47% a year earlier.

Solana’s stablecoin assets totaled $15.7 billion in H1, up 51% from $10.4 billion a year earlier. The network also processed more than $1.9 trillion in stablecoin settlement value during those six months. The asset total and settlement value measure different parts of stablecoin activity on the network.

In written comments on Nov. 13, Seasons CEO Andrey Didovskiy called the decline in memecoin share “a return to reality.” He linked the shift to interest in real-world assets, macroeconomic uncertainty and concerns about memecoin projects extracting value from users. Didovskiy said weak accountability and practices that drained users had hurt the sector’s reputation, directing remaining capital toward alternatives he considered safer. He said institutional demand led recent stablecoin growth, with retail users and traders also contributing.

Memecoin activity had rebounded to about 34% of Solana decentralized exchange (DEX) volume by August. A separate daily measure showed Solana memecoin volume reached $231 million on Nov. 12, the sector’s highest daily total in two weeks.

Tokenized equities also gained share on Solana. The network’s portion of onchain spot trading in tokenized equities rose to about 97% in H1 2026 from 7% in H1 2025, with trading volume reaching $4.9 billion. Didovskiy estimated tokenization had reached “2%,” describing the market as still small relative to its potential. He said wider adoption, better tools, education and additional legislation could accelerate growth.

Enna Lee

Enna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to [email protected].