Solana DEX volume doubles while BONK sets up and PENGU bets unwind

The tape under the memes

Solana's decentralized-exchange machine spent the back half of 2025 looking like a fairground after closing time. Not any more. According to a March 30 memecoin review published via Yahoo Finance, weekly Solana DEX volume recovered from $40.5 billion in mid-August 2025 to $87.8 billion in the week ending March 23, 2026 — with $53.6 billion of that running through PumpSwap alone.

$BONK walks into April with the friendlier chart of the majors. The same report has it bouncing 8.6% off a right-shoulder low on the eight-hour timeframe, with cited support near $0.0000059 and a 0.618 Fibonacci level at $0.0000065.

$PENGU is the mirror image. Open interest slid 23% in five days, from $43.8 million on March 25 to $33.85 million on March 30, while funding flipped from positive 0.0011% to negative 0.000279%. Leverage left the building, and the crowd that stayed is leaning short against a head-and-shoulders neckline flagged near $0.0060.

$87.8B

Solana weekly DEX volume, week ending Mar 23

$53.6B

PumpSwap share of that volume

-23%

PENGU open interest over five days

What it means for degens

Volume is the oxygen memecoins breathe: routes get deeper, slippage gets cheaper, and exits stop being theoretical. But volume is not direction. Draining open interest with negative funding cuts both ways — a squeeze gets cheaper to fuel, and there are fewer participants left to bid the thing afterwards. Read the flow, not the vibes.