Over the past six-month period, Solana’s volume on chain has fluctuated in accordance with memecoins. This general trend has been accelerated in recent days.
Solana’s onchain metrics have reached levels that were unheard of during this summer’s peak memecoin hype. The theme of this memecoin upswing appears to be AI bots, which have captured trader mindshare and given memecoins something they have so far seemed to lack — a semblance of meaning.
Solana’s REV, which measures the blockchain income, reached new heights four times in a week. The record was $36,000,000 last weekend. This week will likely break that record again — Solana’s REV was $11 million on Thursday alone.
Blockworks Research reported that last week nearly 78% (or a total of 78%) of Solana DEX’s volume was memecoins. That is an all-time record for the dominance memecoins.
Solana has reached a new high in terms of price compared to its competitor, ether. For the very first time, SOL’s value was 7% higher than ETH. This frothiness has been a couple weeks in the making, but it seemed to really take off with the bizarre saga of Goatseus Maximum — a memecoin endorsed by an absurdist AI bot called truth_terminal.
It was a story that went viral because it had a twisted ending. The token has now a market cap of $730,000,000, and the public wallet of the chatbot now contains more than $2.7,000,000 in cryptocurrency, mostly due to airdrops from other memecoins.
GOAT spawned a cottage business of follow-ups. The top eight tokens trending on DEX Screener, a trading data site, were all AI-related. Many claimed that they also had some connection to other cryptocurrencies. “AI agent.”
Throughout much of the year, memecoins were inspired by non-serious images of public figures or funny animals. Traders are trying to make it appear that something serious is happening in this memecoin phase.
Truth_terminal is what one viral X-thread and blogger said. “the birth of an entirely new category of coins/money,” It is a saga “unlocking portions of my brain I didn’t know I possessed.”
“It’s basically a new species of digital organism,” Miko Matsumura, from gumi Cryptos Capital, told me via text.
Even if there were any meaning to this AI agent nonsense, its significance is still elusive. This week I have had a number of conversations. “the truth_terminal story feels really important, but I can’t quite articulate my take on it.” Helius CEO Mert Mumtaz has pointed this out. “AI agents” It may be just a clever rebranding.
Memecoins are now claiming to have a real purpose, but that could just be the pretense behind pushing Solana metrics up to new heights.
“Financial nihilism is inherently self-limiting,” Sisyphus, a popular anonymous writer on X.
“Memecoins are a meaningless casino” This is not a good sales pitch. “We’ve discovered a new frontier in AI” — whether that’s true or not — could be.
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