- Galaxy Digital swapped $100M in Ethereum for Solana, signaling rising confidence in Solana’s growing meme token and DEX activity.
- Solana now leads in decentralized trading volume and daily active users, outpacing Ethereum in on-chain momentum.
In a bold strategic move, Galaxy Digital has shifted over $100 million worth of Ethereum (ETH) into Solana (SOL), signaling a potential resurgence in Solana’s meme token-driven momentum and on-chain activity. The swap, executed over two weeks and primarily through Binance, reflects growing confidence in Solana’s ecosystem as ETH continues to struggle with declining prices and user activity.
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The pivot comes just as Solana reclaims its spot as the leading blockchain for decentralized exchange (DEX) trading volume. Currently, Solana accounts for more than 48% of all DEX transactions—more than double Ethereum’s share of 19.7%. On-chain data also reveals that Solana now hosts over 4 million daily active wallets, a sharp rebound from a recent low of 2.9 million.
Post-swap, Galaxy Digital’s wallet still holds 55.76K ETH and 171.25K SOL. The move coincided with ETH slipping to the $1,500 range and SOL rebounding to nearly $140, marking an 8% recovery. Solana’s recent surge is fueled by renewed interest in meme coins, which have pushed the total meme token market cap on the network above $7.42 billion.
This migration may also reflect a broader trend among crypto whales, who are increasingly moving capital away from Ethereum in favor of faster, lower-cost alternatives. While Ethereum remains dominant in high-value DeFi and lending, it’s facing pressure from liquidations and reduced daily fee generation.
Meanwhile, the Solana ecosystem is booming. Platforms like Raydium and Pump.fun are attracting significant volumes, with Pump.fun alone generating $2.3 million in daily fees. Newcomer PumpSwap is also gaining traction, while top apps like Jupiter and JitoSOL are making a strong comeback, reinforcing Solana’s growing utility beyond speculation.
Galaxy Digital’s big bet on Solana may mark the beginning of a new phase for the network—one not just fueled by hype, but supported by robust user growth and real demand. As meme season heats up, Solana’s community and developers seem ready to ride the wave.
