Solana Weekly Updates: Memecoin Trading, Onchain Volume, ETFs & More

Solana’s past week showed how the network is being used at scale. Trading activity hit new records, institutions moved closer through regulated products, and new infrastructure launched across payments, mobile, and stablecoins.

What Drove Solana Trading Activity This Week?

Trading volume on Solana rose sharply, led by memecoin activity and onchain decentralized exchanges. Pump.fun, a Solana-based token launchpad and DEX, recorded back-to-back all-time highs in daily trading volume.

On Tuesday, January 6, Pump.fun processed $2.03 billion in daily volume, according to DefiLlama. That figure marked a second consecutive record day and represented a 99% increase over the past seven days. The platform also collected $3.87 million in fees, with $1.53 million in daily revenue.

Within the Solana ecosystem, Pump.fun ranked second in daily volume, just behind Meteora, which posted $2.14 billion on the same day.

Several factors contributed to this surge:

• Rising interest in Solana-based memecoins
• Faster settlement compared with centralized exchanges
• Low transaction costs that support high-frequency trading

Memecoin activity played a direct role. The total memecoin market capitalization reached $444.85 billion on January 6, its highest level since November 13, 2025, according to CoinMarketCap.

Top trading pairs on Pump.fun included FARTCOIN, PNUT, ACT, and WHITEWHALE. FARTCOIN led the group with:

• $443 million market cap
• $213 million in 24-hour trading volume
• 50% price gain over seven days

How Large Is Solana’s Onchain Volume Compared To Exchanges?

Solana’s onchain spot volume continued to close the gap with centralized exchanges. According to The Kobeissi Letter, Solana processed $1.6 trillion in onchain spot volume in 2025, surpassing every offchain exchange except Binance.

Data from Jupiter Exchange shows how quickly this shift happened. Since 2022, Solana’s share of total crypto trading volume rose from 1% to 12%.

In 2025, Solana overtook:

• Bybit
• Coinbase Global
• Bitget

At the same time, Binance’s market share declined from 80% in 2022 to 55%. 

Are Institutions Increasing Exposure To Solana?

Institutional interest showed up clearly in the ETF market. Solana exchange-traded funds now exceed $1 billion in assets under management.

These products moved from filings to active participation over the past quarter. Bitwise’s Solana ETF, BSOL, leads the group with $716 million in AUM.

ETFs allow investors to gain Solana exposure without managing wallets or private keys. For many institutions, that structure fits existing compliance and risk frameworks better than direct onchain interaction.

What Is Jupiter’s JupUSD And Why Does It Matter?

Jupiter, one of Solana’s largest trading platforms, launched JupUSD, a dollar-pegged stablecoin developed with Ethena Labs. Unlike general-purpose stablecoins, JupUSD is designed as a platform-specific settlement token.

JupUSD’s reserve structure is precise:

• 90% held in USDtb, a regulated stablecoin backed by shares of BlackRock’s onchain money market fund BUIDL
• 10% held in USDC to provide immediate liquidity through a Meteora pool

The stablecoin is issued as an SPL token, Solana’s native token standard, which allows it to integrate directly with Solana-based applications.

Custody is handled by Anchorage Digital through Porto, with full reserve transparency verified onchain. Ethena Labs manages reserve allocation and custody operations using separate blockchain addresses with public capacity indicators.

Jupiter plans to use JupUSD across its ecosystem, including:

• Lending and yield-generating deposits
• Limit orders and automated strategies
• Gradual replacement of USDC in perpetual contracts

Institutional participants can mint and redeem JupUSD directly against USDC in single transactions on Solana. This reduces settlement steps and counterparty risk.

Morgan Stanley File For A Solana ETF

Morgan Stanley filed for both spot Bitcoin and Solana ETFs on January 6, becoming the first major U.S. bank to seek approval for in-house crypto ETFs.

The filings, reported by Reuters, show a shift in strategy. Instead of distributing third-party products, Morgan Stanley plans to offer its own trusts under its brand.

Key points from the Solana Trust filing include:

• Direct holding of SOL
• No futures, leverage, or derivatives
• Daily net asset value calculation
• Creation and redemption by authorized participants

The structure mirrors existing spot crypto ETFs approved in recent years. While ticker symbols, custody providers, and fees are not yet disclosed, the filings signal growing institutional confidence in Solana as an investable asset.

Solana Mobile’s SKR Token

Solana Mobile confirmed it will launch the SKR token on January 21 at 2:00 a.m. UTC. SKR is a governance and incentive token for the Solana Mobile ecosystem, which includes the Seeker smartphone and its decentralized app store.

SKR is not a memecoin or payment token. Its role is operational.

Holders can:

• Stake SKR to elected Guardians who secure the network
• Vote on platform rules and treasury spending
• Influence app distribution and ecosystem updates

The token has a fixed supply of 10 billion SKR, with an airdrop snapshot already taken to prevent last-minute farming.

When Does SKR Launch And How Is The Airdrop Structured?

Key launch details include:

• Total supply: 10 billion SKR
• 20% reserved for early users and developers
• Airdrops represent 30% of total supply
• Airdropped tokens are fully unlocked at launch
• Eligibility based on past participation

The airdrop targets Seeker phone users and developers who actively used mobile dApps and contributed to the ecosystem early.

Wyoming’s Frontier Stable Token

Wyoming launched the Frontier Stable Token ($FRNT), the first fully state-issued stablecoin in the United States to enter live circulation.

Developed by the Wyoming Stable Token Commission, $FRNT is backed by U.S. dollars and short-term Treasuries. Franklin Templeton manages the reserves, with custody provided by Fiduciary Trust Company International.

The stablecoin is available on multiple networks, including Solana and Avalanche. Unlike corporate stablecoins, $FRNT operates under direct state oversight, with full transparency and legal alignment.

Wyoming Governor Mark Gordon described the launch as a milestone for state-led digital asset infrastructure.

Conclusion

This week’s Solana updates showed measurable usage across trading, payments, governance, and institutional access. Memecoin-driven volume pushed DEX activity above $2 billion per day. Onchain trading continued to gain market share against centralized exchanges. ETFs crossed $1 billion in assets, and major banks moved closer through filings. 

New stablecoins and mobile tokens focused on settlement, governance, and infrastructure. Together, these developments highlight Solana’s role as an active execution and settlement network.

Resources

1. Solana on X: Announcements (January, 2026)

2. The Kobeissi Letter on X: Post on Jan. 3

3. Solana Floor on X: Posts (January, 2026)

4. Jupiter Exchange on X: Post about JupUSD

5. Morgan Stanley filing with the US SEC: Form S-1 registration statements to the SEC

6. Report by Reuters: Morgan Stanley files for bitcoin, solana ETFs in digital assets push

7. Solana Mobile on X: Announcement on Jan. 7

8. SolanaMobile.com/skr: Official SKR tokenomics page with full supply breakdown

9. Report by The Street: Wyoming’s FRNT stablecoin goes live for public on Solana and Avalanche