Solana's soaring TVL and Meme Coin rebound: a convergence of innovation and FOMO?

Solana’s total lock-in value (TVL) hit a record of $12.1 billion in September 2025, despite a recent decline of 9% to $8.3 billion, while meme coins such as BONK and FARTCOIN have soared due to social media hype and low-cost transactions. With 65,000 TPS and transaction fees as low as $0.00025, Solana became the center of meme coin activity, driving DEX daily trading volume to soar by 73%. However, high volatility and FOMO-driven speculation have raised concerns about its sustainability, as the market capitalization of the meme coin has reached US$12.4 billion amid mixed emotions of institutional and retail investors.