SOL perpetual contract trading share drops to 6%, Solana seeks transformation to shed Meme coin dependence and compete for Wall Street market

Odaily: A Galaxy Research report shows that Meme coins' share of Solana trading volume has fallen from over 50% at the end of 2024 to 15%–20% in Q2 2026. In addition, SOL has declined nearly 20% year-to-date, and U.S.-listed spot and staked SOL ETFs recorded outflows for two consecutive weeks this month, totaling approximately $50 million. Meanwhile, Solana's share of on-chain perpetual contract trading volume has dropped from 17% to 6%. The Solana Foundation has reportedly issued a statement saying that Solana's transformation is underway, attempting to shift from a growth model reliant on Meme coins and speculative trading toward more mainstream financial applications such as stablecoins and tokenized assets, in a bid to win adoption from Wall Street institutions.

However, with the crypto market downturn and the rise of competitors such as Hyperliquid, Solana faces challenges in transforming its growth model. Market analysts point out that the key to Solana's future lies in whether it can attract stable assets, developers, and users, rather than relying solely on speculative trading to drive growth. (Bloomberg)