Solana led new tradable token count for 21 consecutive months, outperforming BNB and Base, but memecoin market share is shrinking

The network ranked first in new tradable token creation for 21 consecutive months starting in April 2024. Activity peaked in January 2025, coinciding with the launch of $TRUMP on Solana, when more than 1.6 million new tokens were traded in a single month.

[Pump.fun](http://Pump.fun) accounted for 97% of this activity, yet July marked a brief exception when LetsBonk overtook the platform. On July 21, LetsBonk recorded 28,872 tokens deployed in a single day, more than three times Pump.fun’s output and representing 67.55% of total daily deployments.

By 2025, however, the composition of trading activity on Solana began to shift. While memecoins led volume in 2024, accounting for an average of 49.27% of all trading, their share declined sharply to approximately 14.98% in 2025. In parallel, activity in SOL pairs, stablecoin swaps, and other DEX markets increased, overtaking memecoin trading. This transition signals a broader maturation of Solana’s capital markets, as the ecosystem moves beyond peak speculative cycles toward more sustainable and diversified forms of on-chain trading.

From Birdeye's report [Solana 2025: The Year of Internet Capital Markets](https://birdeye.so/research/state-of-solana-2025)