After months of rapid growth, Solana meme coins are now cooling off, prompting many to ask: what’s the best Solana crypto to accumulate ahead of the next breakout? Dogwifhat (WIF), for instance, has dropped below the $1 mark after falling 36% from its peak earlier this year.
This comes after a major rally that saw the token climb over 375% between March and May. But it’s not just WIF, most of the meme coin ecosystem is slowing down, with Solana itself trading around $150. Is this simply a temporary setback before the next move up?
Meme Coins Like WIF Are Dumping – Is Solana Ecosystem Taking a Temporary Seatback?
Recent on-chain data indicates that large holders have been reducing their WIF holdings. Specifically, smart money investors have decreased their positions by more than 50% in the past month, now holding approximately 115,615 WIF tokens, down from over 240,000. Additionally, the broader whale community’s holdings have declined by 22%, from over 63 million tokens in May to around 39 million.
This selling activity has coincided with a drop in open interest (OI) for WIF, which has fallen to $336 million from $483 million in May. A declining OI often suggests waning investor interest and reduced market activity.
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Despite these bearish indicators, there are signs of potential recovery. The token maintains a positive funding rate, implying that traders are willing to pay a premium to hold long positions, anticipating a price increase.
While the recent sell-off by major holders has impacted WIF’s price, the sustained positive funding rate suggests that market sentiment may still favor a rebound in the near future.
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This decline isn’t limited to just a few tokens. Across the Solana network, key activity metrics are also dropping. Daily DEX volume has fallen to about $2 billion, a six-month low. Meanwhile, the number of new meme coin launches on platforms like Pump.fun has dropped more than 50% since January.
Stablecoin transfers on Solana have also slowed significantly, from $20 billion per day earlier this year to just $2 billion. Since stablecoins represent much of the liquidity flowing through DeFi apps, this drop signals less trading activity overall.
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In addition, fewer transactions mean fewer fees. With Solana burning 50% of transaction fees to reduce supply, this decline also slows deflationary pressure. Ongoing token unlocks from the FTX/Alameda estate may add more short-term selling pressure.
Still, some positive signals remain. Speculation around a potential Solana ETF is building, and utility-focused projects, such as AI agents, trading bots, and Solana Layer-2s, are gaining more attention. These may lead the next wave if market conditions improve.
While meme coins take a break, Solana’s long-term future may rest on real utility and consistent usage rather than short-term hype.
Solaxy Could Be the Best Solana Crypto as Utility Outshines Meme Coins
While meme coins like Dogwifhat (WIF) are cooling off, recent Solana metrics suggest that real adoption is far from dead. In May, Solana recorded $121 million in Real Economic Value (REV), up 37% month-over-month. It represented 44% of global on-chain activity, surpassing Ethereum and Tron.
Application revenue on the chain also rose to $214 million, led by platforms like Pump, Axiom, and Raydium. So even though June may have started off slow for Solana, momentum could shift bullish again very quickly.
Following the success of Mind of Pepe, which surged past its presale price and hit a $171 million market cap (FDV), momentum is clearly shifting back toward early-stage projects with strong fundamentals. Many investors now see Solaxy as the next potential breakout.
With only 11 days remaining before the Solaxy (SOLX) presale ends, anticipation is building around what’s being called one of the most promising launches of 2025. Riding the wave of renewed interest in utility-driven crypto, Solaxy stands out as Solana’s first Layer-2 blockchain.
Solaxy: Solana’s First Layer 2 Aims to Unlock the Next Wave
Solaxy directly enhances the Solana network by tackling congestion, failed transactions, and scalability limitations. The Layer-2 solution offers faster speeds, better customization, and more efficient execution, all while using existing Solana tools. Key infrastructure is already live like a block explorer and cross-chain bridge.
Earlier this month, the Solaxy team opened access to its testnet, letting developers bridge SOL, deploy smart contracts, and monitor rollup activity in real time. The upcoming Igniter Protocol and Solaxy DEX will make it easy to launch and trade tokens within the ecosystem, streamlining everything from token creation to instant liquidity.
Solaxy has already raised over $44.3 million, with fresh funds arriving by the hour. Investors can join using SOL, ETH, BNB, USDT, or a bank card. All tokens bought can be staked immediately, offering up to 91% APY depending on pool demand.
The Best Wallet app, which supports Solaxy, provides a KYC-free, anonymous way to manage assets: ideal for early adopters seeking privacy and convenience.
With strong developer traction, live infrastructure, and exchange listings on the horizon, Solaxy is shaping up to be the most utility-focused Solana crypto of the year, and possibly, the most important one yet.
Key Takeaways
- Meme Coins are cooling off. Major Solana meme coins like WIF dropped over 35%, with whale sell-offs and declining DEX activity signaling a slowdown. But it’s not only that.
- On-Chain activity is weakening. Daily DEX volume and stablecoin transfers have hit 6-month lows, raising concerns about Solana’s near-term liquidity and growth.
- Could utility lead the next wave? Despite the dip, rising speculation around a Solana ETF and growth in utility-driven projects suggest a possible turnaround.
- Solaxy Poised as Best Solana Crypto: As Solana’s first Layer 2, Solaxy addresses key network issues with live tools, developer testnet, and staking, positioning it for breakout success.
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