CoinGecko Report Breakdown: Solana’s Rise, Ethereum’s Dip in Q1 DEX Race

• Solana led Q1 2025 DEX volume with $293.7B in trades.  
• Political memecoins like $TRUMP fueled Solana’s 52% dominance in January.  
• Ethereum bounced back in March, reclaiming the top spot from Solana.  

Solana captured the top spot for decentralized exchange (DEX) trading volume for Q1 2025, holding against Ethereum in what’s a notable on-chain shift. 

According to CoinGecko’s latest crypto industry report, Solana captured 39.6% of the total DEX trading volume this quarter, up from 30.4% in Q4 2024. That amounts to $293.7 billion in trades, driven mostly by a political memecoin surge that briefly pushed Ethereum into second place.

How Did Memecoins Impact Solana’s Volume?

January 2025 starkly showed this shift when Solana processed a huge 52% of all DEX volume across the top 12 chains that month, largely thanks to viral political memecoins like $TRUMP.  Solana hit a record $184.8 billion trading volume in January alone. 

At the same time, Ethereum’s market share dropped below 20% for the first time, highlighting changing trader focus.

Related: Solana Losing U.S. Market Share: Could This Pump Chances of XRP ETF Approval?

Solana’s top spot …

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