Speculative trading in meme coins has driven on-chain activity on Solana and BNB Chain to new heights, with Solana posting a 38% jump in weekly active addresses and BNB Chain’s trading volume rising 45%, according to data from DefiLlama.
During the reporting period, Solana recorded approximately 31.4 million active addresses, generating 685 million transactions and $13.63 billion in trading volume. Fees on the network reached $4.06 million, a 70% increase from the previous year, while weekly protocol revenues grew 21% to $422,500. The chain’s total value locked (TVL) climbed 3.9% to $24.78 billion. With an average of roughly 22 transactions per active address and a per-transaction fee of just $0.0059, the data points to heavy repeat trading by the same users – likely speculators rotating through tokens like ANSEM on Solana, and TCC and CZ on BNB Chain.
BNB Chain’s metrics were less dramatic but still notable: 24‑hour trading volume expanded from $240 million to $350 million, active addresses rose 3.5% to 8.3 million, and total transactions hit 96.7 million. The network earned $182,000 in fees, averaging 11.6 transactions per address at a cost of $0.0019 each. While both chains benefited from low fees, Solana users executed roughly twice as many trades per wallet.
Decentralized exchange volumes underscored the difference: Solana’s DEXes processed $1.81 billion compared to $349.52 million on BNB Chain. At the same time, Solana’s price held above key support levels near $78 despite slipping 1.7%, with U.S.-listed spot Solana ETFs attracting $5.75 million in net inflows – a striking contrast to Bitcoin ETFs’ $527 million outflows and Ethereum ETFs’ $13.67 million outflows over the same period.
On‑chain data from SolanaFloor revealed that weekly non‑vote transactions surpassed 1 billion for the first time, signaling a surge in actual user activity. Artemis data confirmed a sharp recovery in active wallets, jumping from 16.8 million to 29.7 million in two weeks. Technical indicators on Solana’s daily chart remain bullish: the token trades above its 20‑, 50‑ and 100‑day moving averages, with Chaikin Money Flow slightly positive.
However, analysts caution that such bursts of activity driven by meme coins are often short‑lived. Previous episodes – including the March 2024 spike fueled by tokens like Book of Meme – were followed by rapid declines. Galaxy Research noted that meme coins accounted for about 30% of Solana DEX volume in late 2025, and the average holding period for meme tokens was only 100 seconds, meaning much of the gains flowed to exchanges and infrastructure rather than traders. Separate studies found that platforms like Pump.fun were responsible for 40–67% of DEX transactions in the Solana meme‑coin ecosystem, and that 82.8% of meme tokens delivering over 100% returns were manipulated through wash trading or liquidity pool inflation. Whether this activity will translate into sustainable growth for Solana and BNB Chain will depend on whether wallet counts, TVL, protocol revenue and fee generation hold up once the hype around the current crop of meme coins fades.
