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Memecoin Contagion - Quantifying Solana's Memecoin Exposure
Key Insights
- Following controversial memecoin launches in 2025, memecoin volumes on Solana have sharply declined, reaching year-to-date lows.
- Solana is a volume driven chain, with much of its app economy constructed around facilitating and charging for trading activity.
- Unlike other chains, Solana’s overall volumes are largely driven by memecoin volumes, with memecoin volume share on DEXs reaching 70% in February.
- Over 60% of Solana’s app revenue is highly exposed to memecoins, representing over $3 billion of annualized revenue.
- This exposure is exacerbated when considering how dependent Solana applications are to each other for revenue generation.
Introduction
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Sunny was previously a TradFi Research Analyst at a long-only hedge fund. He is now an Enterprise Research Analyst at Messari focusing on consumer, DeFi, and all things cool.
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