NFT popularity wanes, why are traders turning to high-volume Meme coins?

Over the past year, the NFT market has significantly cooled down. Whether in terms of trading frequency or overall transaction volume, it has struggled to replicate its previous peak moments. The pace of NFT trading has slowed, market activity has declined, and an increasing number of traders are choosing to sit on the sidelines and watch. This does not mean that risk appetite has disappeared, but rather that funds and attention are shifting toward another class of more liquid assets—high-volume Meme coins, especially those built on Solana.

From a market structure perspective, NFT trading volume is becoming highly concentrated. Leading platforms like OpenSea and Blur account for the vast majority of NFT transaction volume, while the presence of small and medium-sized platforms continues to diminish. This trend toward centralization reduces the diversity of trading options and amplifies liquidity risks. For traders seeking efficiency and certainty, the appeal of the NFT market is waning, with more opting to trade only on the most liquid venues or even completely exit the NFT space.

Meanwhile, the Meme coin market remains surprisingly active. According to CoinMarketCap data, mainstream Meme coins such as DOGE, SHIB, and PEPE still maintain considerable daily trading volumes even during periods of market dullness. Notably, among emerging Meme coins, many of the most actively traded ones are from the Solana ecosystem, highlighting the blockchain’s unique advantages in high-frequency trading scenarios.

Solana’s low transaction fees and high throughput provide an ideal environment for frequent entry and exit of Meme coins. Some smaller-cap Solana Meme coins boast trading volumes that do not match their market size. These assets emphasize short-term speculation and capital turnover rather than long-term holding, aligning well with current trader preferences. In contrast, NFTs often require higher upfront costs, longer holding periods, and patience for liquidity.

From a trader’s perspective, this is not simply a replacement of NFTs by Meme coins, but a shift in participation methods. Funds are flowing into markets that allow quick position building, rapid take profits or stop losses. Meme coins enable small capital participation, low barriers to high-frequency trading, quick emotional feedback, and even entertainment value. These features are more attractive in the current environment.

Overall, the declining popularity of the NFT market and the rising trading volume of Meme coins reflect a reordering of traders’ priorities toward liquidity, speed, and flexibility. In a context where short-term speculation and high participation are becoming mainstream, high-volume Meme coins, especially Solana-based Meme coins, are gradually replacing NFTs and becoming one of the key focus areas of the market.