Solana News Today: Solana Apps Outperform Ethereum Amid Meme Coin Stagnation

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On-chain meme coin trading volumes on the Solana (SOL) and Binance Smart Chain (BSC) ecosystems have declined in recent days, with most tokens maintaining narrow price ranges of less than 6% in the past 24 hours. According to LookOnChain data, the market capitalizations and holdings of prominent meme coins on these chains have shown mixed performance, though no significant volatility has emerged.

Among the largest-cap tokens, The TRUMP (market cap: $7.8 billion) dropped 6.6% to $7.83, while The Fartcoin (market cap: $301 million) rose 2.1% to $0.30. Smaller players like The USELESS and JELLYJELLY saw modest gains of 1.2% and 0.8%, respectively, while Binance Life climbed 3.1% to $0.169. Conversely, The 4 (market cap: $59.1 million) fell 5.5% to $0.059, highlighting the uneven dynamics in the sector, according to LookOnChain.

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Despite the muted performance of meme coins, Solana's broader blockchain ecosystem has shown resilience amid a broader market downturn. Data from DeFiLlama reveals that Solana-based applications generated $4.33 million in revenue over the past 24 hours, surpassing Ethereum's $1.82 million. This marks a reversal of a long-standing trend where Ethereum dominated app revenue. Solana's success is attributed to platforms like Pump.fun and Jupiter, which have driven user activity despite the recent price decline of SOL, currently trading at $151.90, down 5.4% on the day .

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The mixed signals extend to individual tokens like The TRUMP, which has drawn attention for its potential rebound. On-chain and derivatives data indicate rising open interest (up to $328 million) and trading volume ($1.8 billion), suggesting growing speculative interest. Analysts note that if The TRUMP holds above key support levels ($7.95 and $6.73), it could target a $11.92 rally toward its July high. However, a breakdown below $6.73 risks a further decline to $5.50, according to FXStreet.

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The narrow trading ranges observed in meme coins reflect broader market caution. Investors are closely watching whether institutional inflows into Solana ETFs—despite recent cooling—can stabilize the ecosystem. Meanwhile, the lack of significant price swings in meme tokens underscores the sector's current consolidation phase, with traders adopting a wait-and-see approach ahead of potential catalysts in 2025, according to LookOnChain.