Foreign media: On-chain data does not show that Solana has lost its leading position in meme coins

Foreign media report that discussions around whether Solana meme coin traders are shifting to other chains have intensified recently, but on-chain data does not support this view. Despite BNB Chain and Robinhood temporarily attracting speculative funds, Solana remains highly active.

Market focus shifts to competing chains

The article states that as cross-chain trading applications attract more new users, the market has started to question Solana’s status as the main venue for crypto speculation. Some traders and KOLs believe that Solana has recently lacked strong new meme coin projects, and its performance lags behind other networks.

The article mentions that some high-profile tokens on Solana have not surpassed a market cap of 20 million USD, while certain meme coins on BNB Chain have soared above 40 million USD. Such cases are seen by some market participants as signs of capital rotation.

Profitability data sparks further controversy

Beyond competition between chains, the ability of traders to profit has also become a focal point of debate. The article cites independent analysis indicating that only about 6% of traders on Solana are currently profitable, with a median trading loss of around 120 USD.

The article also notes that some on-chain trading products aimed at retail users are lowering the barriers to participation, but meme coin trading itself remains complicated. Certain tools allow users to diversify holdings by using "old wallets," which weakens the direct association between addresses and makes it harder for new entrants to assess holding distribution.

On-chain data still shows Solana is active

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

Afterward, Solana regained the leading position. Although BNB Chain has recently outperformed in some popular token cases, overall, Solana still has a higher number of on-chain traders, indicating its market participation is broader.

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

Similar rotations have happened before

The article notes that this is not the first time the market has questioned whether Solana’s meme coin dominance is over. In October 2025, there was also a brief flow of funds to BNB Chain. In July this year, on-chain liquidity on Robinhood rose rapidly but soon returned to Solana.