Something shifted in crypto markets right after New Year’s. Memecoins comeback talk is everywhere now, and the numbers back it up. Daily trading volumes jumped from around 50 million in late December to over 267 million by early January. That’s not a small bump. That’s traders flooding back in.
The charts tell you everything. December saw volume crater to barely 40-50 million on some days. Then January hit, and boom – 175 million on Jan 2nd, 267 million on Jan 3rd, 244 million on Jan 4th. Someone flipped the switch.
Solana Takes the Lion’s Share
Solana absolutely dominates this rally. Looking at the 30-day breakdown, Solana chains account for 84.1% of all memecoin volume. Ethereum trails way behind at 7.6%. BNB Chain grabs 5.3%. Base sits at 3%.
That concentration matters because it shows where retail money actually flows. When people want to gamble on dog coins and frog tokens, they’re doing it on Solana. The speed and low fees make it the obvious choice for quick flips and degen plays.
Trump token leads the pack on Solana with $1.27 billion in 30-day volume. Fartcoin (yes, really) pulled $555 million. Pengu hit $176 million. Even a token literally called “Useless” did $98 million. The names alone tell you what kind of market this is.
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The Volume Spike Happened Fast
The first chart shows the exact moment sentiment changed. December 6th started with around 60 million in daily volume. It bounced between 40 -120 million through most of the month, trending downward. The seven-day moving average kept dropping, bottoming out right before New Year’s.
Then everything reversed. January brought three straight days above 170 million. The moving average line turned sharply upward. That’s not random noise. That’s actual capital flowing back into these markets.
What caused it? Probably a mix of things. The holiday lull ended. Bitcoin stabilized. Fear metrics hit extreme levels in late December, which usually marks bottoms. Once a few tokens started pumping, FOMO kicked in, and others piled on.
Why This Memecoins Comeback Feels Different
Previous rallies often started slowly and built over weeks. This one exploded in days. The speed suggests pent-up demand from traders who sat out December waiting for a clear signal.
Social media amplified everything. Crypto Twitter went from doom posting on Christmas to posting gain screenshots by January 2nd. That feedback loop accelerates these moves.
Solana’s infrastructure held up too. Networks crashing during high volume killed past rallies. So far, things are running smoothly enough that traders trust putting money in without worrying their transactions will fail.
The blockchain distribution data shows how concentrated this really is. Out of $47.4 million in volume on December 6th across Base, BNB, Ethereum, and Solana combined, Solana accounted for the overwhelming majority even back then. As volume climbed through early January, that dominance only increased.
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Top Tokens Leading the Charge
Trump token hitting $1.27 billion wasn’t on anyone’s bingo card for 2026. Political memecoins were mostly dead through 2025. Now they’re back and posting numbers that rival some legitimate DeFi protocols.
PEPE remains the Ethereum favorite at $116 million in 30-day volume. It’s been around long enough now that people view it as “established” compared to newer launches. Weird to say about a meme frog, but here we are.
Base chain has Ribbita doing $33 million. BNB hosts BUILDON at $92 million. These aren’t huge numbers compared to Solana giants, but they show activity spreading across chains even if Solana dominates.
The variety of tokens in the top 30 list tells you retail is back. They’re not just buying one or two names. They’re spreading bets across dozens of coins, hoping to catch the next 10x move.
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What Comes After the Pump?
Here’s the uncomfortable truth about memecoin rallies: they burn out. Always have. The question isn’t if, it’s when.
Volume needs to stay elevated for this to continue. If we see daily numbers drop back under 100 million, the party’s probably over. So far, early January is holding strong, but it’s only been a few days.
Volatility will spike harder as this goes on. Early movers take profits. Late arrivals buy tops. Tokens that increase 5x in three days can also drop 60% in six hours. That’s just how this game works.
Broader market conditions matter too. If Bitcoin dumps or macro news turns sour, capital exits risk assets fast. Memecoins get hit hardest when that happens. They’re first in during rallies and first out during sell-offs.
Some analysts think this could spark a wider altcoin season. Maybe. Historically, when retail gets active in memecoins, they eventually rotate into other speculative plays. But that’s not guaranteed, especially if people get burned badly on these trades.
Reading the Tea Leaves
The memecoins comeback in early 2026 looks real based on volume data. Solana’s dominance gives the rally a clear leader. The speed of the move suggests strong demand after weeks of quiet.
But calling this sustainable would be premature. We’re a week into January. These markets move fast. What looks like the start of a multi-month rally could fizzle by February.
For now, traders are clearly back. Whether they stay or get shaken out depends entirely on what happens next with prices and volume. The data shows the comeback started. Where it goes from here is anyone’s guess.
One thing’s certain: volatility is back. And in crypto, that’s when things get interesting.
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Why did memecoin volume suddenly spike in January 2026?
Volume jumped from 50M to 267M daily because traders returned after the holiday lull, fear metrics hit extremes in late December signaling a potential bottom, and early January pumps triggered FOMO across social media.
Why does Solana dominate memecoin trading so heavily?
Solana captures 84% of memecoin volume because of fast transaction speeds, low fees, and established infrastructure for launching new tokens. Traders prefer it for quick entries and exits on speculative plays.
What are the biggest memecoins by trading volume right now?
Trump token leads at $1.27B in 30-day volume, followed by Fartcoin at $555M and Pengu at $176M on Solana. PEPE dominates Ethereum with $116M, while BUILDON leads BNB Chain at $92M.
Is this memecoin rally sustainable long-term?
It’s too early to say. Volume needs to stay above 100M daily to maintain momentum. These rallies historically burn out when volatility spikes, late buyers get trapped, or broader market conditions deteriorate.
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