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 … The post CoinGecko Report Breakdown: Solana’s Rise, Ethereum’s Dip in Q1 DEX Race appeared first on Coin Edition .