- Axiom meme coin trading volume hit $101 million for the first time, surpassing other platforms on Solana.
- Axiom accounts for 30% of the ecosystem’s trading users, followed by Photon and Bullx at 24% each.
- Axiom boasts strong features, including a Twitter tracker, Trace Wallet integration and financial management.
- Solana stays bullish above $130 amid a strengthening technical picture likely to trigger extended gains to $185.
Axiom’s daily trading volume surged on Monday, reaching $101,000 million for the first time, surpassing all other meme coin trading platforms on Solana, such as Photon and Bullx. Meanwhile, Solana (SOL) exchanges hands at $132 at the time of writing on Tuesday after staging a recovery campaign from the ‘Black Monday’ crash on April 7 to $95 triggered by United States (US) President Donald Trump’s reciprocal tariffs.
Cryptocurrencies, including Bitcoin (BTC) and leading altcoins like Ethereum (ETH) and Ripple (XRP), generally recovered after the 90-day tariff pause in the middle of last week. With the trade war cooling, Bitcoin is expected to close in on $90,000, Solana could soon rise above $140, and Ethereum may reclaim support at $2,000 in the coming days.
Axiom’s trading volume tops meme coin trading platforms on Solana
According to on-chain data on Dune, the Y Combinator incubated Axiom meme coin trading platform on Solana accounted for over 50% of the daily volume in the ecosystem on Monday. Photon has approximately $36 million in daily volume, coming at a distant second, while Bullx took the third spot with roughly $26 million.
Meme coin trading platforms | Source Dune
Axiom continued its dominance, accounting for 26,769 traders. Photon and Bullx reported 22,775 and 22,720 trading users, respectively. As per the chart below, Axiom leads the Solana meme coin traders’ market share at almost 30%, beating Photon’s 24.3% and Bullx’s 24.2%.
Meme coin trading platforms | Source Dune
According to WuBlockchain, Axiom is gaining traction due to several unique features, including the ability to track feeds on X (Twitter), its integration with Wallet Tracer, and financial management. Axiom boasts unique user retention features, such as invitation rebates to attract customers. Nonetheless, WuBlockchain cautioned that there could be false trading behavior.
Meme trading platform Axiom's daily trading volume exceeded $100 million for the first time on April 14, accounting for about 50% of the market share of Solana Meme trading platform; the number of trading users reached 26,800, a record high. Axiom's advantages include the support…
— Wu Blockchain (@WuBlockchain) April 15, 2025
Solana meme coin trading activity has gradually improved following the Libra meme coin implosion early in the year. This and other factors like tariffs have seen traders take a back seat to access their strategies and plausibly avoid falling into market manipulation risks.
Solana breaks falling wedge pattern resistance
Solana’s price ascended above $130 after validating a falling wedge pattern’s breakout, with a 55% target to approximately $185. If volume increases, the smart contract token could soon flip the 50-day Exponential Moving Average (EMA) resistance at $136 into support.
SOL/USDT daily chart
The next critical levels for Solana’s price recovery are the 100-day and 200-day EMAs, sitting at $154 and $165, respectively. As traders chase exposure, betting on higher prices fueled by a strong technical setup – highlighted by a buy signal from the Moving Average Convergence Divergence (MACD) indicator and an uptrending Relative Strength Index (RSI) – the chances of SOL climbing to $185 grow substantially. Still, traders should stay cautious, as profit-taking and broader macroeconomic risks could push Solana back to the $100 support level.
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC Crypto Task Force plans to establish digital asset regulatory sandbox
The Securities & Exchange Commission's (SEC) Crypto Task Force met with El Salvador's National Commission on Digital Assets (CNAD) representatives to discuss cross-border regulation and a proposed cross-border sandbox project.
DeFi Dev Corp buys additional 65,305 SOL amid broader institutional interest: Solana price slides below $150
Solana (SOL) price faces growing overhead pressure and slides below $150 to trade at $148 at the time of writing on Thursday. The sudden pullback follows the crypto market's edging higher on improving investor sentiment, which saw SOL climb to $154 on Wednesday.
Uniswap Price Forecast: UNI whale moves 9 million tokens to Coinbase Prime
Uniswap (UNI) price hovers around $5.92 at the time of writing on Thursday, having rallied 12.8% so far this week. According to Wu Blockchain, data shows that the address potentially related to the Uniswap team, investor, or advisor transferred 9 million UNI to the Coinbase Prime Deposit on Thursday.
Tron DAO announces $70B USDT supply: Here's how TRX price could react
TRON’s USDT circulation just surpassed $70 billion, signaling rising network utility as TRX price approaches a technically significant breakout. On Wednesday, TRON DAO confirmed that the circulating supply of Tether (USDT) on its blockchain has surpassed $70 billion.
Bitcoin Weekly Forecast: BTC holds steady, Fed warns of tariffs’ impact, as Gold hits new highs
Bitcoin price consolidates above $84,000 on Friday, a short-term support that has gained significance this week. The world's largest cryptocurrency by market capitalization continued to weather storms caused by US President Donald Trump's incessant trade war with China after pausing reciprocal tariffs for 90 days on April 9 for other countries.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.