Solana Memecoins Hold 55.8% Share of $308M Daily Market Volume

Update 20:27 UTC: Update 19:10 UTC: The selloff deepened after the snapshot closed.

GMGN Puts Memecoin Turnover at $308 Million

Memecoin turnover sits at $308 million across the major markets GMGN tracks, a reading taken at 11:03 a.m. KST on October 8 and 14.6% beneath the level recorded a day earlier. The aggregate, relayed through Wu Blockchain from GMGN's 24-hour volume ranking, corresponds to roughly 412.4 billion won at the quoted rate. GMGN is a memecoin data platform whose market classification groups tokens by the chain or platform they trade on. Traders following the Solana (SOL) price found most of the flow on its pairs, where the Solana (SOL) market logged $172 million and a 55.8% share of the total. In share terms, more than half of every dollar traded across the tracked markets passed through Solana-based pairs inside the window. Two categories sit beneath it. The Robinhood market, the retail-venue leg of the ranking, carried $74.09 million and 24.1%. The BNB Chain market, home to infrastructure such as dappOS, posted $44.39 million and a 14.4% share. Rounded, the three shares come to 94.3%, leaving the remainder spread across smaller categories the snapshot did not itemize. Three projects led the volume table: PONS, TWEETCRAFT and AUTON. Against the aggregate contraction, Arc ran the other way, its volume up 74.8% over the day, the largest increase among the major markets in the ranking. The ranking measures turnover, not holdings: it counts the value traded across these markets inside the 24 hours ending at the timestamp, so the 14.6% step down describes activity, not ownership. The wider tape stayed soft while the window closed: COINOTAG's live monitoring put Bitcoin (BTC) at $83,190 at the time of writing, about 0.8% lower across 24 hours, and Ether (ETH) at $2,581, down 1.2%.

The arithmetic of the snapshot is approximate by design. The three market figures, $172 million, $74.09 million and $44.39 million, sum to about $310.48 million, which does not match the published $308 million; per-market volumes and shares are given as rounded approximations, so the whole cannot be rebuilt by simple addition. The aggregation carries a second caveat: it reflects the 24 hours before 11:03 a.m. KST at a single point in time, it does not represent the entire virtual-asset market or every memecoin, and turnover alone does not explain price moves or the cause of a decline. Readers should hold two frames apart when using the number. As a gauge of activity, the ranking answers where memecoin trading concentrated inside one 24-hour window; as a gauge of demand, it stops at volume, because the classification separates turnover from price direction. Category context fills in the rest. The Robinhood market's $74.09 million marks the retail-platform leg, a category tied to the retail venue's own trading surface. Traders splitting memecoin exposure across venues can weigh depth and fees across the Best Crypto Exchanges. The BNB Chain market's $44.39 million, a 14.4% share, rounds out the three largest categories. Unlike tokens that raised funds through an ICO, most memecoins in these markets trade on attention alone, which is why the ranking leans on turnover as its primary measure. Arc is the outlier inside the slide: a 74.8% one-day increase in volume while the aggregate fell 14.6%. The top of the table stayed concentrated, with PONS, TWEETCRAFT and AUTON carrying the highest turnover among tracked projects. Where that leaves the tape is a positional question: with 94.3% of measured share in three markets, the marginal memecoin trade on Thursday printed on Solana (SOL) pairs, on Robinhood's category or on BNB Chain, and almost nowhere else in the classification.

Attention data from the same day puts PONS among the tokens traders looked up most, though its price barely moved: CoinMarketCap's global trending list ranked it fourth, at $0.4121, up 0.47% over 24 hours. The list was led by Doppler Finance (XDP) at $0.01884, down 1.5%, followed by NEAR Protocol (NEAR) at $5.51, up 6.2%, and Meteora (MET) at $0.5129, up 63%. Jupiter (JUP) rounded out the top five at $0.3787, up 13%. Seven of the global top ten rose over the day. Korean users' reads skewed downbeat: The Sandbox (SAND) took the domestic top spot at $0.07362, down 1.9% on the day after a 66% weekly gain, with Bedrock (BR) down 13% and Harmony (ONE) down 4.2% among the most-viewed domestic names.

The slide extended beyond the memecoin snapshot's window: Bitcoin's descent that began Wednesday morning took the asset to $82,200 earlier in the day, its lowest in 17 days, before it steadied near $83,000 with a market cap of $1.660 trillion and dominance flat at 59%. Ethereum slipped 1.6% to $2,560, Solana (SOL) fell to $115 and ZEC dropped 6% to $1,240, the largest loss among major alts, with XRP rejected at $1.50 and trading at $1.41. The total crypto market cap shed roughly $110 billion in 36 hours, from $2.920 trillion to $2.810 trillion. A few names ran against the tape: BTW gained more than 11%, and JUP, RAY, CRV and ALGO all posted double-digit rises.

Correlation data added a fresh wrinkle to the divergence tape: the 14-day average correlation between altcoins and Bitcoin turned negative on October 8, its first reading below zero since July 2025, per a report relayed through Crypto Briefing. The indicator measures how closely the two assets' price moves track each other, with values near 1 pointing to sync and values under zero pointing to opposite-direction drift over the window. A negative print does not mean every altcoin traded against Bitcoin on a given day, and the report gave no exact coefficient nor the list of altcoins in the sample. It also stopped short of tying the flip to fund rotation or an altcoin-strength signal.

Update 19:10 UTC: The selloff deepened after the snapshot closed. Bitcoin dominance climbed to 60.05%, a one-month high, after slipping near 59% earlier, per market tracker Ted Pillows, while BTC fell 3.3% to just below $80,580. Ethereum lost 6% to about $2,413, XRP dropped 7.4% to $1.33, Solana slid 9.2% to $106.21 and ZEC crashed roughly 14%, with DOGE down 8.3%. Liquidations across the market reached nearly $900 million over 24 hours, sweeping more than 150,000 traders. A report assembling the session attributed the downturn to a mix of macro pressures, fading institutional interest and cascading liquidations, led by Brent crude spiking above $105 a barrel on fears of potential US military strikes on Iran and supply disruption.

Solana Still Carries the Majority

Read positionally, the snapshot leaves Solana holding the majority line even as the whole tape contracts: more than half of tracked memecoin turnover sat on its market while the aggregate lost 14.6%. Arc's 74.8% gain cuts against any uniform-exit reading; flow concentrated rather than left. A single-day contraction of this size does not, on its own, mark a bear market in memecoin demand, and the classification's own framing warns against reading cause from volume. What the number fixes is a level: $308 million of turnover inside a 24-hour window that closed with three markets carrying 94.3% of the measured share, Solana's pairs still the venue of first resort and the next reading due against the same timestamp a day on.