- Solana’s network minted a record 263,000-plus tokens in a single day, dwarfing the 40,000–50,000 daily pace seen at December 2024’s memecoin peak.
- Memecoin launchpad Pump.fun drove most of the identifiable activity, accounting for 34,184 of the 40,360 tokens issued through launchpads and roughly a third of Solana’s Q1 revenue.
- SOL’s price barely moved despite the record activity, and no corresponding trading volume was reported alongside the token-minting surge.
- US spot Solana ETFs have cooled sharply too, with weekly inflows collapsing 97% from US$142.7 million in late August to just US$4.9 million the following week.
Solana’s on-chain activity hit an unprecedented high this week, yet the token’s price barely moved – a disconnect that’s raising questions about how much of the surge reflects genuine demand.
More than 263,000 new tokens were minted on the network in a single day, several multiples above the 40,000–50,000 daily pace seen during December 2024’s memecoin peak. Mass minting alone doesn’t guarantee liquidity, though – tokens can exist on-chain with no real owners or trading behind them, and no corresponding trading volume was reported alongside the record.
Memecoin launchpad Pump.fun still drove the bulk of the identifiable activity, responsible for roughly 34,184 of the 40,360 tokens issued through launchpads, and pulling in close to US$1.4 million (AU$1.95 million) in revenue over 24 hours.
Network-wide, Solana’s daily revenue reached around US$5.97 million (AU$8.3 million), about 50% ahead of rival chain BNB Chain – even as rival app Fomo briefly outpaced Pump.fun last week. The launchpad still delivered roughly a third of Solana’s first-quarter revenue this year, worth US$124 million (AU$173 million) of its US$342 million (AU$477 million) total.
Read also: Solana Activity Hits Record as Validators Weigh $1.5B Supply Cut
ETF Demand Cools
Meanwhile, regulated demand for Solana exposure has cooled sharply too. US spot Solana ETFs pulled in US$142.7 million (AU$199 million) in the week to 28 August, one of their strongest weeks of 2026, but that figure collapsed to just US$4.9 million (AU$6.8 million) the following week, a 97% drop.
This week has been a mixed bag so far: Monday saw US$0.7 million (AU$0.97 million) in outflows, Tuesday brought US$11.2 million (AU$15.6 million) in inflows, and Wednesday slipped back into US$0.5 million (AU$0.69 million) of net outflows.
Total assets across the category still sit at roughly US$1.3 billion (AU$1.8 billion), and the funds haven’t gone net-negative; but weekly trading volume in the ETFs has plummeted too, sliding from US$699 million (AU$974.9 million) in the week to 28 August, to US$350 million (AU$488.1 million) the week after, and down to US$168 million (AU$234 million) in the week to 10 September.
This slowdown echoes the picture painted by Wednesday’s token-minting record: plenty of on-chain noise, but a much quieter signal underneath it once you look at where real capital is actually moving.
Read also: Australia Removes 45 Remittance and Crypto Firms From AML Registers
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