Increased speculation on meme coins resulted in higher on-chain activity levels on Solana and $BNB Chain during the week. Activity in the chain on Solana increased by 38%, reaching 31.4 million active addresses; on $BNB According to data from DefiLlama, on-chain activity increased by 45% in trading volume over the period. The increase indicates strong interest in trading. However, the unprecedented increase in wallet activity and transaction volume does not mean sustainable adoption of the network, as trading activities with meme coins come with limited, fleeting periods of profitability.
The jump is related to the trading of coins such as $ANSEM on Solana, TCC and CZ $BNB Chain. This transaction volume allowed Solana to take the first position in the rankings of chains in terms of seven-day chain activity.
The meme coin mania returns
On Solana, approximately 31.4 million active addresses generated 685 million transactions in seven days, in addition to a trading volume of $13.63 billion. These trades were responsible for earning $4.06 million in fees, which is 70% more than last year, while weekly protocol revenues were $422,500 or 21% more than last year. The report estimates the total value of Solana (TVL) at $24.78 billion, up 3.9% on the week.
Based on the reported numbers, Solana averaged approximately 22 transactions per active address during the week, indicating that the majority of transactions were executed by the same customers transacting over and over again. The fees earned on the network amounted to $0.0059 per transaction, showing that the low fees helped Solana achieve such a high transaction volume.
$BNB Chain’s activity is slightly less impressive compared to Solana’s; nevertheless, it can be seen to be influenced by similar factors. The 24-hour trading volume of $BNB Chain has grown from $240 million to $350 million, which translates to a 45% growth rate. Furthermore, the network has reported approximately 8.3 million active addresses and 96.7 million transactions, meaning it has grown 3.5% within a year, with the fees it charges amounting to $182,000.
These numbers translate to approximately 11.6 transactions per active address and $0.0019 in fees per transaction on $BNB Chain, which means that trading activity takes place at low cost in both networks, but Solana customers have twice as much trading activity as $BNB Chain.
Live dashboards from DefiLlama provide more information about the market. SOL was trading around $80.58, while $BNB traded around $582.26 as activity strengthened. The decentralized exchanges in Solana managed to carry a volume of $1.81 billion, compared to $349.52 million on the $BNB Chain.
Why activity can be misleading
Meme coins have consistently caused similar spikes in network activity. In March 2024, speculation around tokens such as Book of Meme led to daily on-chain transaction volume for the Solana blockchain exceeding $3.79 billion and transaction fees to reach all-time highs, with Jupiter briefly surpassing Uniswap’s daily trading volume.
The recent increase also fits into the broader research that sheds light on the functioning of the meme coin market. According to Galaxy Research, meme coins contributed to about 30% of trading volume on Solana’s decentralized exchanges at the end of 2025, up from about 60% earlier that year. It was further noted that the average holding period for meme token holders was only around 100 seconds, meaning that much of the profit generated during trading peaks goes to exchanges, launch pads and other market infrastructure via transaction fees, rather than to the traders themselves.
Various studies confirm that one cannot simply take the high activity in the chain into account due to the misleading nature of such behavior. A study focused on the Solana meme-coin ecosystem found that trading platforms, such as Pump.fun, were responsible for approximately 40% to 67% of all decentralized exchange transactions, and that less than 2% of the total number of cryptocurrencies launched in the fourth quarter of 2024 ended up trading on major decentralized exchanges.
Another cross-chain investigation into approximately 35,000 meme tokens operating on Ethereum, $BNB Smart Chain, Solana and Base reported that 82.8% of meme tokens, which delivered more than 100% returns, were manipulated by wash trading and liquidity pool-based price inflation, illustrating that the increase in trading activity could be the result of coordinated speculative behavior rather than organic activity.
What to watch
The main question is whether volumes will remain at a high level after people stop paying attention $ANSEMTCC and CZ.
A lasting positive change in network fundamentals would likely be evidenced by continued increases in network address, as well as continued increases in total value (TVL), protocol revenues, and fee creation as trading speculation subsides. On the other hand, if there is a sharp decline in activity after the latest round of meme coin speculation, it would follow the pattern often shown in previous studies and previous episodes in the Solana market.
Credit : cryptonews.net
