Additionally, memecoins accounted for 64.6% of all monthly trading volume on Solana as of May 21, up from 56% in April.
Notably, memecoin activity correlated heavily with Bitcoin breaking the $100,000 threshold on May 8, gradually increasing to nearly $4.2 billion. This is the highest daily trading volume for memecoins on Solana since Feb. 15.
Weekly volumes also show consistent growth since Bitcoin bottomed on April 7. Memecoin weekly trading activity showed an average increase of 16% as of the week ending May 18.
Between May 12 and May 18, Solana-based memecoins reached nearly $24 billion in weekly volumes. This is the highest level since the week ending on Feb. 16.
In the last week of April, memecoins represented 61.5% of all volume traded on Solana, the highest proportion since the week ending on Feb. 16.
Although the token’s market cap reached $4.5 billion, its price crashed 95% only two days after Milei’s mention.
A few days later, a report by Nansen highlighted that two wallets profited over $10 million with the token. The addresses bought LIBRA right after Milei’s endorsement and sold at the exact $4.55 peak.
The incident prompted rumors of heavy insider activity on Solana’s token launches, which caused a major dent in investor confidence, which has yet to recover to levels seen before the incident.
