Solana's memecoin trading volume has dropped to less than 5% of its daily decentralized exchange (DEX) volume, marking a two-year low as traders pivot towards assets with higher liquidity. Despite this decline, Solana continues to lead in DEX activity among L1/L2 networks, thanks to its low fees and efficient execution. Currently, Solana is trading at $137.43, reflecting a 4% decrease over the past 24 hours, though it remains up by over 9% for the week. Arthur Hayes of BitMEX suggests that while Solana and Ethereum will retain long-term value, Solana requires a new growth catalyst to maintain its momentum.