Memecoin volume on Solana hit a seven-month high, with weekly spot DEX volume surpassing $5.2 billion in mid-August. This volume has grown nearly threefold from approximately $1.8 billion in late May to current levels in under three months. During the week of July 20-26, memecoins accounted for 29% of all spot DEX volume on Solana, briefly spiking to 42% on certain days. Solana processed a record 4.2 billion onchain transactions in July, a 13.5% increase from the previous month. The ANSEM token, which surged approximately 299% in a single week in July, appears to have catalyzed this wave, but SOL’s price remains stable around $96, suggesting the activity is driven by internal speculation rather than fresh capital inflows.
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