- Axiom led Solana meme trading with $101M daily volume, holding nearly 60% market share and 26,769 active traders.
- Solana recovered from a $95 dip to $139, boosted by tariff pause and meme coin momentum led by Axiom and others.
- Meme coins like AXOL and TRUMP surged as global crypto market cap hit $2.69T despite a volume drop.
Trading activity surged on the Meme platform on April 17, reaching $252 million in daily volume, the highest since February. Axiom was leading in this spike, with five consecutive days of record breaking volume from April 13 to 17.
According to data from Dune, Axiom’s share of Solana based meme coin trading neared 60% during this period. BullX, once a strong competitor, saw its share plunge from 19.2% on April 1 to just 11.4% by April 17. The changes in market movements show Axiom’s increasing lead as competing platforms face declining user activity.
Axiom Leads with Daily Volume Surpassing $101M
Axiom’s daily trading volume peaked at $101 million on Monday, surpassing all other Solana meme coin platforms. This placed it well ahead of Photon and BullX, which recorded $36 million and $26 million, respectively.
Dune data confirmed Axiom held over 50% of daily trading volume on the Solana meme coin ecosystem that day. Meanwhile, user participation supported the volume shift. Axiom had 26,769 traders, while Photon and BullX saw 22,775 and 22,720 users, respectively.
Axiom’s trader base accounted for nearly 30% of the Solana meme coin market. Photon followed with 24.3%, and BullX closely trailed at 24.2%. This sharp increase in activity further underlined the platform’s momentum across multiple performance metrics.
Solana Recovers from Market Dip
Solana’s (SOL) price rebounded from a low of $95 on April 7 to $139 by Saturday, April 19. The earlier crash was linked to reciprocal tariffs announced by the U.S. President Donald Trump.
However, crypto markets began to stabilize after a 90-day tariff pause announced last week. This pause contributed to recovery across major assets including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).
During this recovery, expectations grew for Bitcoin to approach $90,000, with Ethereum eyeing $2,000 and Solana potentially topping $140. The rebound coincided with intensified meme coin activity on Solana, particularly on Axiom, pointing to renewed interest despite earlier market shocks.
Meme Coin Sector Sees Activity Boost
The broader meme coin sector also reflected increased engagement. SHIB, DOGE, PEPE, and TRUMP all recorded gains in 24 hour prices.
AXOL led top gainers with a 2,710% rise, followed by JANET at 108.11%, and PINO at 70.78%. According to market data, the global crypto market cap rose to $2.69 trillion, a 0.64% daily increase.
Total market volume dropped by 26.59% to $44.72 billion, while DeFi accounted for $4.5 billion. Stablecoins represented over 90% of that volume, or $40.29 billion. Bitcoin dominance slightly declined to 62.94%, a shift in trader focus to other sectors.
