- Whale trading volume in Solana meme coins has plunged to its lowest level since February 2024
- Retail interest is following suit, with activity dropping in tandem after each whale-driven spike
- Market sentiment is shifting amid macro uncertainty, Binance-driven meme coin rallies, and Bitcoin’s potential breakout
Whales seem to be waving goodbye to meme coins, at least where the trading volume on Solana is concerned. According to the recent numbers presented by Coin Bureau, whale trading volume on Solana meme coins hit its lowest level since February 2024.
This could signal that the hype around meme coins, which hit their peak in November 2024 following a period of calm, has cooled off for now. As the chart indicates, the recently renewed whale interest in meme coins at that point neared its early 2024 (February – March) levels.
After each spike, whale activity has tended to drop off quickly, fluctuating throughout mid-to-late 2024, until a downtrend set in after November, leading to further declines towards March 2025. Meanwhile, retail activity has closely followed whales, with surges beginning shortly after whale spikes.
Part of a wider trend?
This decline in meme coin trading is not happening in a vacuum. The latest development arrives days after a sudden selloff in meme coins sent ripples across the cryptocurrency market. A couple of possible triggers have been identified for such a turn of events, including the mounting uncertainty surrounding the US trade policies and broader market rebalancing trends.
Regardless of the strong institutional support behind major crypto assets like Bitcoin in May, meme coins have toiled under heavy pressure. Here, investors have been a bit more skittish as they anticipate a weaker summer and stronger volatility in the face of regulatory and political developments.
Is “Meme Season” Over? Capital May Rotate Elsewhere
Still, a month ago, things looked optimistic for some Solana meme coins, including MOODENG and GOAT. Specifically, the two skyrocketed in price after the super-popular crypto exchange Binance added them to its most recent Alpha Projects batch.
That said, the latest drop-off in interest might indicate that the meme season is over. Potentially, it could give way to an altcoin season (or a Bitcoin season, judging by its movements these past few days, as it looks poised to make another all-time high) as crypto whales turn their attention elsewhere.
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