web3: Foreign Media: On-Chain Data Shows Solana Has Not Lost Its Meme Coin Dominance

CoinWorld reports:

Foreign media claims that discussions around whether "Solana's meme coin traders are shifting to other chains" have recently intensified, but on-chain data does not support this judgment. Despite BNB Chain and Robinhood attracting speculative funds at one point, Solana still maintains a high level of activity.

Market Focus Shifts to Competing Chains

The article states that as cross-chain trading applications attract more new users, the market begins to question Solana's status as the hub for crypto speculation. Some traders and KOLs believe that there has been a lack of sufficiently strong new meme coin projects on Solana recently, resulting in underperformance compared to other networks.

It mentions that some high-profile tokens on Solana have failed to break the $20 million market cap, while certain meme coins on BNB Chain have surged above $40 million. Such cases are viewed by some market participants as signals of capital rotation.

Profitability Data Sparks More Controversy

In addition to inter-chain competition, the profitability of traders has also become a focal point of controversy. The article cites independent analysis indicating that only about 6% of traders on Solana are in profit, with the median loss for traders around $120.

The article also notes that some on-chain trading products aimed at retail investors are lowering participation thresholds, but meme coin trading itself remains complex. Some tools allow users to diversify holdings through "old wallets," weakening direct associations between addresses and making it harder for newcomers to assess holding distributions.

On-Chain Data Still Shows Solana's Activity

However, the article argues that if observed solely from on-chain data, Solana has not significantly lost its dominant position. According to Dune Analytics data, Robinhood's leading phase as a hotspot for meme coin trading was relatively short-lived, lasting only a few weeks before being replaced by BNB Chain.

Afterward, Solana regained its leading position. Although BNB Chain has recently excelled due to the performance of certain popular tokens, overall, Solana still has a higher number of on-chain traders, indicating a broader market participation.

Blockworks data also shows that over 46% of Solana's daily trading volume comes from meme coin trading pairs. This proportion indicates that meme coins remain one of the most important trading scenarios on the network.

Similar Rotations Are Not a New Phenomenon

The article points out that this is not the first time the market has discussed whether Solana's dominance in meme coins has ended. In October 2025, there was also a brief flow of funds towards BNB Chain. In July of this year, Robinhood's on-chain liquidity surged rapidly but then flowed back to Solana.