In Q1 of 2025, Ethereum (ETH) suffers severe losses, wiping out all gains made in 2024, as Decentralized Exchanges linked to Solana (SOL) take center stage, according to a CoinGecko report.
Updated Report: Solana Outshines Ethereum in Q1 2025
In a recent 2025 Q1 report, CoinGecko reveals that Solana (SOL) surpasses Ethereum (ETH) in various aspects.
According to the Q1 Crypto Industry Report by CoinGecko, Ethereum saw a substantial decline in Q1, shedding all gains from the previous year. The total crypto marketcap only dropped by 18.6% in the initial months of 2025, while Ethereum closed the quarter at $1,805 - a steep drop of 45.3% from its starting price of $3,336[1].
As for Solana, the crypto continued its dominance of the decentralized exchange (DEX) space. In January 2025, Solana accounted for 52% of trading volume amongst top 12 blockchains, spearheaded by the memecoin craze led by $TRUMP. It recorded over $184.8 billion in trading volume, an all-time high for the chain[1].
Although the memecoin trend waned by March, Ethereum managed to regain the top spot with a 30.1% market share, compared to Solana’s 23.4%. Despite this, Solana remained dominant, capturing a quarterly lead at 39.6%, with a substantial increase in DEX volume[1].
Factors contributing to Solana’s success include the memecoin trading frenzy and its performance during market dynamics. The surge in political-themed memecoins like $TRUMP drew record-breaking activity to Solana, accounting for 52% of all DEX volume in January 2025. Ethereum’s market share, on the other hand, fell below 20% for the first time[1].
Another significant factor is Solana’s infrastructure being more appealing for high-frequency trading during volatile meme rallies. Despite the decline by March, Ethereum failed to maintain momentum, while Solana’s DEX volume continued to grow by 35.3% QoQ, reaching $293.7 billion[1].
In addition, institutional shifts toward Solana such as Galaxy Digital’s acquisition of $98.4M in SOL and growing ETF speculation have also played a role in Solana’s surge[4][5].
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Sources:[1] CoinGecko Q1 Crypto Industry Report 2025[2] NYDIG report – No ‘Second-Best’ for Currency Debasement[3] Henrik Zeberg’s report – Crypto to explode higher due to CB liquidity surge[4] Galaxy Digital acquires $98.4M in Solana (SOL)[5] ETF speculation for Solana
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- In the Q1 2025 report by CoinGecko, it was revealed that Solana, a cryptocurrency, outperformed Ethereum, another cryptocurrency, in various aspects.
- The memecoin craze led by $TRUMP played a significant role in Solana's dominance of the decentralized exchange (DEX) space, accounting for 52% of all DEX volume in January 2025.
- Despite Ethereum regaining the top spot in terms of market share in March 2025, Solana remained dominant, capturing a quarterly lead at 39.6% due to a substantial increase in DEX volume.
- Factors contributing to Solana's success include its performance during market dynamics, the memecoin trading frenzy, and institutional shifts such as Galaxy Digital's acquisition of $98.4M in SOL and growing ETF speculation.
