Solana's Memecoin Mosh Pit Is Luring 1.6M Fresh Bodies and $120M Off Exchanges 🚀

On-chain data shows Solana added more than 1.6 million new addresses over the past two weeks, while roughly $120 million worth of SOL has been withdrawn from exchanges in the past seven days. The combination of rising user activity and steady exchange outflows points to growing demand and reduced immediate sell-side pressure, even as SOL continues to trade below the $100 level. A price target of $1,000 cited by one analyst framing the current phase as the "Solana cycle" remains technically distant, but underlying network metrics are drawing renewed bullish attention from traders who had been bearish just weeks ago. Trader Ansem publicly called SOL undervalued and said the network has the potential for a 100x move, citing ecosystem upgrades and continued growth.

The broader memecoin market has been declining, with total memecoin market cap down more than $10 billion so far this year and memecoin dominance falling sharply to 3.7%, its lowest level since February 2024, according to CoinMarketCap data. Solana is diverging from that trend, as Solana-based memecoins have trended upward since June, with Bonk [BONK] leading the move with gains of more than 13% during the period. Solana memecoin launchpad Pump.fun has also climbed to the top spot by 24-hour DEX volume, surpassing Uniswap, as memecoin trading activity on the network picks up again.

The pattern indicates that Solana network growth in new addresses has aligned with strong memecoin momentum on the chain, showing that interest in Solana-based meme tokens remains firm even as the wider memecoin market cools. That divergence has fed social media speculation, with some users questioning whether Solana was paying analysts to push a pro-SOL narrative as sentiment shifted. The convergence of accelerating user growth, exchange outflows, and renewed memecoin trading volume on Solana is keeping the "Solana cycle" narrative active heading into the second half.