Memecoin Season — Is It Actually Back, or Just Loud?

Memecoin volumes have spiked across multiple chains in April. The interesting question is whether the action is durable or just a localized blow-off.

The data: Solana memecoin trading volume hit $5.4B last week, the highest since the early 2024 peak. Number of unique active wallets in memecoin trading hit 2.1 million in April.

Case for it being back: market structure has stabilized, retail attention is returning, celebrity memecoins plus AI-launched tokens have created new demand vectors. Case against: volume is concentrated in a handful of tokens with obvious wash-trade patterns.