Solana led the market with $102.4 billion in transactions in February , despite a 60% drop as the memecoin craze cooled after the LIBRA incident . This was the fourth consecutive month that Solana has reached over $100 billion in transactions, following a record $260 billion in January.
Total on-chain transaction volume dropped by nearly $200 billion , with most major blockchains suffering losses, except for Binance Smart Chain (BSC) , which reached $81.1 billion , just $600 million lower than January . Ethereum , however, remained in second place, $100 million ahead of BSC .
Memecoin Trading Drops on Solana
Memecoin accounted for 79% of Solana ‘s trading volume in January ( $206 billion ), but dropped sharply in February to $99.5 billion , accounting for 97.1% of total trading. This shows that Solana is heavily dependent on memecoin , an area that was heavily affected by the LIBRA incident .
On February 14 , Argentine President Javier Milei endorsed memecoin , causing the token’s price to skyrocket, reaching a market capitalization of $4.5 billion before crashing 95% in two days. Nansen ‘s report raised suspicions of insider trading , as two wallets raked in more than $10 million following Milei’s post.
In February, memecoin fell an average of 46% , while the overall cryptocurrency market fell 37% . The impact continued into March , helping Ethereum surpass Solana in trading volume for the first time in five months .
