SOL Perpetual Contract Trading Share Drops to 6%, Solana Transforms to Compete for Wall Street Market

According to a report by Galaxy Research, the share of meme coins in Solana's trading volume has decreased from over 50% at the end of 2024 to between 15% and 20% in the second quarter of 2026. SOL has fallen nearly 20% this year, and U.S.-listed spot and staked SOL ETFs have recorded outflows totaling approximately $50 million over the past two weeks. Meanwhile, Solana's share of on-chain perpetual contract trading volume has dropped from 17% to 6%. The Solana Foundation has stated that Solana is undergoing a transformation, attempting to shift from a growth model reliant on meme coins and speculative trading to more mainstream financial applications such as stablecoins and tokenized assets, in order to attract Wall Street institutions. The sluggish crypto market and the rise of competitors like Hyperliquid pose challenges for Solana's transformation. Market analysts point out that Solana's future hinges on its ability to attract stable assets, developers, and users, rather than relying solely on speculative trading for growth.

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