The use of NFTs, Real World Asset and DEPIN fell by up to 18% in the last week.
Interactions with the memecoin sector on Solana increased by 16% in the last 7 days.
So far in October, most narratives on Solana (SOL) have seen a drop, while memecoins They stand out as the sector with the greatest use of this network.
Interactions with these tokens based on pets, public figures or memes from the internet grew by 16% in the last seven days. Some of them, like GIGA, SKBDI and TRUMP saw their price in that period up to 76%, 66% and 36% respectively, according to data from CoinMarketCap.
Furthermore, the investment instrument yield farming (users lend or invest their digital assets to earn interest) was the other narrative that showed an increase in its use, accumulating an increase of 8% in the last week.
This information can be seen in the following graph that expresses the trending narratives within the Solana ecosystem. In purple, the increase in the use of memecoins and of yield farming and, towards the right of the image, the fall of the rest of the narratives.
While the meme are consolidated as the leading narrative in Solana, categories such as Real World Assets (RWA, real world assets), Collateralized Debt Position (CDP, collateralized debt position), NFTs (tokens non-fungible), Decentralized Physical Infrastructure Network (DEPIN, Decentralized Physical Infrastructure Network) recorded falls in the last week of between 18.3%, 15% and 10%, respectively.
In October there are already 70 thousand new tokens in Solana
In the first week of October, around 70 thousand tokens SPL in the Solana ecosystemaccording to data from Step Finance. SPL is the token standard on Solana, similar to ERC-20 on Ethereum. These tokens They can represent any type of digital asset, such as memecoins, cryptocurrencies, or tokens useful, but in this case, it does not include NFTs.
The image below shows the number of new SPL tokens created each day. The upward trend of this narrative increased at the end of September and continues today.
The memecoin sector is taking Solana out of the bottom
CriptoNoticias reported in early September when the metrics on-chain Solana presented some of the lowest levels of the last six months.
Among them, the volume of transactions in exchanges decentralized exchanges (DEX), the number of new daily addresses and others seem be resurfacing from the bottom to which they had fallen thanks to the creation of new memecoins.
For example, coinciding with the rise of these data, on September 26, the memecoin called Moo Deng reached $120 million in market capitalization, after being created on September 10 and listed by some exchanges around September 21.
Currently, Moo Deng has a capitalization of almost $150 million and its price is $0.15, at the time of writing. Its maximum was reached on September 28, when it reached the area of 0.34 dollars.
Here it would be prudent to point out that invest in memecoins can be quite risky due to their very high price volatility, their lack of usefulness and that they usually involve a risk of fraud.
The Solana network has its star application for the invention of memecoinsPump.fun. This was launched in February 2024 and, from that time to the present, almost 2,300,000 memecoins leaving one total profit of 841,000 SOLwhich is equivalent to more than 121 million dollars, according to Dune Analitycs.
Thus, while most narratives and some metrics on-chain of Solana are going through negative moments, the sector of memecoins seems to be functioning as his lifeline.
