Solana’s trending page in the last 24 hours reads less like a “top coins” list and more like a real-time dashboard of risk appetite.

A few takeaways from the top 20:

1. This is microcap season, not “alt season”

Most of the list sits under ~$1M market cap, yet posts triple digit daily moves. The headline example is $HERO: ~$659K mcap, +1,128% on the day, with ~$7.4M in volume and ~12,141 makers. That is extreme turnover relative to size, which usually means the trade is crowded and fast.

2. Liquidity is thin across the board

Several names are pushing meaningful volume on tiny liquidity (often $30K–$130K). That is a recipe for violent candles both ways. It also tells you the leaderboard is being driven by speed and rotation, not deep conviction capital.

3. “Makers” is quietly the most important column here

Coins that trend hardest are the ones pulling in thousands of unique participants quickly:

- $HERO (12,141 makers)
- $BOE (5,328 makers)
- $jeff (4,753 makers)

This is what distribution looks like in meme cycles: attention first, participation second, liquidity later.

4. The board is a narrative collage, not a theme rotation

You’ve got politics and culture ( $TREMP, $CARD), holiday bait ( $SPANKMAS, $SANTA), absurdist internet finance ( #IQ6900 ), and meta memes ( $USE MY REF). That mix usually shows a market where “what is it?” matters less than “is it moving?”

5. Old tickers are not dead, they are being recycled

A few entries are not fresh launches: $IQ (1y), $SANTA (1y), $WHISTLE (2mo), $USE MY REF (10mo).

When older memes start reappearing on trending lists, it often signals traders are looking for better liquidity, prior recognition, and faster onboarding than brand-new pairs.

Bottom line: this leaderboard is telling you Solana’s meme economy is running on velocity.

High volume-to-mcap, low liquidity, and rising maker counts are the signature of a rotation-heavy tape where trends form and fade quickly.