Trading volume for memecoins on Solana has experienced a sharp decline, now accounting for less than 5% of the network's daily decentralized exchange (DEX) volume. This figure represents a significant shift from the dominance seen in December 2024, when memecoins comprised over 70% of the volume. This current level is the lowest market share observed since late 2023 or early 2024, effectively mirroring the landscape before the recent meme coin supercycle. Despite this dramatic drop in speculative meme activity, overall Solana DEX volume remains robust, indicating a potential maturation of the ecosystem. The decline suggests a rotation of capital or a cooling of speculative fervor, with on-chain activity potentially shifting toward other sectors or more established assets. [Update 1] Recent market data confirms that meme coin activity has stabilized at these lower levels, constituting less than 5% of total blockchain trading volume. Analysts note this mirrors conditions seen in early 2024, signaling a distinct move away from the hyper-speculative phase that characterized late 2024.