Memecoin Trading -activity on Solana follows the recovery of Bitcoin, with the average daily trade volume that rises by 46% between April and May.
According to Blockworks factsMonthly trading volume for Memecoins on Solana was $ 58.7 billion from 21 May, more than $ 1 billion higher than the volume registered in April.
In addition, Memecoins accounted for 64.6% of the entire monthly trade volume on Solana from 21 May, an increase of 56% in April.
In particular, correlated memecoin activity correlated with Bitcoin that broke the $ 100,000 threshold on 8 May, which gradually increases to almost $ 4.2 billion. This is the highest daily trade volume for Memecoins on Solana since 15 February.
A price increase in the Memecoin sector reflects volume growth. In the past month, the Memecoins were the fifth best performing sector in crypto under 22, on average with 59%, based on Artemis facts.
Lack of trust despite the increased volume
Weekly volumes also show consistent growth since Bitcoin soiled on 7 April. Memecoin weekly trading activity showed an average increase of 16% from the week that ended on May 18.
Between May 12 and May 18, Solana -based memecoins reached nearly $ 24 billion in weekly volumes. This is the highest level since the week that ends on February 16.
In the last week of April, Memecoins represented 61.5% of all traded volume on Solana, the highest share since the week ending on February 16.
Although the market started to decrease on 1 February, after President Donald Trump had signed an executive order with the trading rates officer, the dive took place in the Memecoin activity of Solana only two weeks later.
On February 14, Argentinian President Javier Milei endorsed the scales Memecoin as a way to finance small companies in the country.
Although the market capitalization of the token $ 4.5 billion achieved, the price only deposited 95% two days after the mention of Milei.
A few days later, a report from Nansen emphasized that two portfolios benefited more than $ 10 million with the token. The addresses bought scale immediately after the approval of Milei and sold on the exact peak of $ 4.55.
The incident led to rumors about heavy Insider activity on token Solana, which caused a great dent in the trust of investors, who still had to recover to levels that are seen before the incident.