Solana Sees $125M Surge as New Token Hype Fades—Old Meme Coins Back in Play?

Solana has witnessed a notable surge in activity over the past week, fueled by a combination of heavy asset inflows and a renewed focus on older meme coins that continue to dominate trading volumes and investor interest.

According to on-chain data from Artemis and deBridge, more than $125 million worth of assets have been bridged into Solana from other blockchains in the last seven days.

Ethereum Fuels $70M Liquidity Wave Into Solana as Meme Coin Hype Cools

Solana is experiencing a major liquidity revival, driven primarily by Ethereum, as the volume of bridged assets surges. According to data from Artemis, Ethereum accounted for over $70 million in inflows into Solana, representing nearly 56% of the total. Arbitrum followed with $14.1 million, while Polygon and BNB Chain contributed $7.5 million and $2.6 million, respectively. Other smaller chains made up the remaining $4.2 million.

The total bridged volume into Solana rose by almost 40% week-over-week, with the Ethereum-to-Solana route emerging as the most dominant pipeline. Data from deBridge further confirms that $31 million in assets flowed from Ethereum to Solana alone.

Much of this capital shift appears linked to a cooling off in the once-explosive meme coin launching frenzy. While Solana had previously seen a massive surge in new token launches, last week saw only 322,000 new token launches, a sharp slowdown compared to earlier peaks. This trend indicates a move back toward established projects and tokens.

Interestingly, even during the heated rivalry between LetsBONK and Pump.fun, token activity remained relatively muted. LetsBONK graduated 1,243 tokens, double Pump.fun’s 622, and also launched 130,605 new tokens, significantly ahead of Pump.fun’s 77,250.

Amid a slowdown in new meme coin launches, several older and more established Solana-based meme tokens are seeing renewed interest.

Traders appear to be redirecting liquidity toward more recognizable assets, including Pepe (PEPE), Shiba Inu (SHIB), Dogecoin (DOGE), Bonk (BONK), and Pudgy Penguins (PENGU), signaling a shift from novelty to familiarity.

PEPE has recorded a notable 23.73% increase in market capitalization over the past seven days and is now trading at $0.00001217. The token’s 24-hour trading volume stands at $5.87 billion, up 78.50% from the previous day. This surge in volume reflects a spike in market activity. As of today, PEPE’s market capitalization is $5.12 billion.

Shiba Inu (SHIB), the second-largest meme token by market value, is also gaining traction. The token is currently trading at $0.00001329, up 14.9% over the past week and 0.6% in the last 24 hours. SHIB’s market capitalization is now $7.83 billion, ranking it 23rd in token market cap.

Dogecoin (DOGE), the largest meme coin by market cap, is currently trading at $0.1982. It has risen 18.5% over the past seven days, reaching over $8.06 billion in market cap.

Bonk (BONK) has captured significant market attention, with its price climbing 70% over the last 10 trading sessions. The token is currently priced at $0.00002719, reflecting a 6.27% increase in the past 24 hours. BONK’s market cap has climbed to $1.465 billion after gaining 33.9% in the past week.

Pudgy Penguins (PENGU) has also experienced a sharp resurgence. The token jumped 48.2% in the last seven days, lifting its market capitalization to $1.918 billion. The sudden momentum was amplified by a surprise social media endorsement from TRON founder Justin Sun, further fueling investor interest.

Together, these developments point to a broader trend of capital rotation back into familiar meme coins, as traders seek stability and momentum within the increasingly saturated meme token market.

Solana Tops Q2 Revenue at $271M, Outpaces Ethereum, Bitcoin & Tron

Meanwhile, Solana itself continues to outshine its peers in core metrics. The blockchain generated over $271 million in revenue in Q2 2025, outpacing Ethereum, Tron, and Bitcoin for the third consecutive quarter, according to Blockworks.

Transaction volume on the network climbed 32% last week to 590 million, surpassing the combined activity of Ethereum, BNB Chain, and Polygon. Active addresses rose to 24.4 million, and fee revenue increased 44% to $7.68 million.

Adding to the momentum is the anticipation around Solana ETFs. Polymarket data shows that traders now estimate a 99% chance that the U.S. Securities and Exchange Commission will approve a spot Solana ETF by the end of 2025.

Several major firms, including VanEck, Grayscale, 21Shares, and Bitwise, have already filed applications, signaling deep institutional interest.

Bloomberg ETF analyst James Seyffart echoed the sentiment, saying, “We’re expecting a wave of new ETFs in the second half of the year. Solana is clearly leading that conversation.”

Notably, Solana (SOL) is currently trading at $162.19, up 9.5% over the past 7 days. The token has also seen a sharp rise in trading activity, with 24-hour volume hitting $14.4 billion, a 133.4% increase from the previous day.

On July 12, analyst Ali Martinez shared a bullish outlook on Solana, highlighting a cup-and-handle pattern forming on the weekly chart, a classic bullish signal that often precedes major rallies.

The pattern suggests that Solana has recovered from its past lows near $9.88, following a multi-year climb from its previous peak around $250. The recent price action appears to be forming the “handle” portion of the structure.

Martinez points to $170 as a critical resistance level. A confirmed breakout above this level, particularly with a weekly close, could validate the pattern and trigger a strong upward move.

Based on Fibonacci projections, potential price targets include $295 (a retest of the all-time high), with longer-term targets of $787, $1,314, and even $2,744.

However, failure to break past $170 may lead to a pullback toward $135 or even $100, which has historically acted as strong support.

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