• Solana led Q1 with 52% DEX volume, but Ethereum reclaimed dominance through deeper economic activity.
• Despite price drops, Ethereum holds $203B in app capital — nearly 10x Solana’s, proving lasting value.

In the fast-moving world of crypto, January 2025 saw Solana [SOL] sprint ahead, fueled by a memecoin frenzy that captured over half of all DEX trading volume.

But as the confetti settled, Ethereum [ETH] quietly tightened its gloves and stepped back into the ring — not just to reclaim its crown, but to prove it’s still the true heavyweight where real value lives.

Memes may move markets, but when the dust clears, does substance still have the last word?

Solana’s initial lead

If there was one chain that brought fireworks to the first quarter of 2025, it was Solana.

Riding the memecoin mania — especially the political flavor led by Official Trump [TRUMP] — Solana captured a staggering 52% of DEX trading volume in January.

For the entire quarter, it dominated with 39.6% share, growing a hefty 35.3% from the previous quarter. With $184.8B in January alone, it was a moment made.

Ethereum, by contrast, briefly slipped below 20% — a first. New kids Sonic [S] and Berachain [BERA] also entered the scene, pushing older contenders like Optimism and Polygon aside.

Ethereum’s comeback

Flashy volume spikes may win headlines, but Ethereum’s Q1 story was a slower burn, and perhaps the more important one.

After taking a backseat in January, Ethereum clawed back to the top in March with a 30.1% market share. More importantly, it proved why it’s still the foundation of real economic activity in crypto.

With over $203B in total app capital — surpassing its own market cap — Ethereum isn’t just hosting memecoins and tokens. It’s ground zero for stablecoins, RWAs, NFTs, and DeFi heavyweights.

Compared to Tron’s $70B or Solana’s $22.9B, Ethereum is on another plane entirely.

Hype fades. Real value compounds. And Ethereum, it seems, is quietly doing just that.

Solana vs. Ethereum

Beyond the DEX fireworks and capital strength, the price charts reveal a more sobering picture for both Solana and Ethereum. In 2025 so far, Solana has outperformed Ethereum — but it’s all relative.

SOL is down about 40% YTD, while ETH has plunged deeper, losing roughly 56%.

The gap became more visible in March, when Solana began staging mild recoveries while Ethereum stayed largely stagnant.

Neither chain is escaping the broader market drawdown unscathed, but Solana’s resilience, compared to Ethereum’s steeper fall, shows its stronger traction among retail traders.

However, it’s worth remembering: short-term price action doesn’t always reflect strength. As it stands, both giants are bruised.

Solana just a little less so.