Memecoin Mania Ends: Solana Network Activity Drops Sharply
2025 saw a sharp decline in Solana user engagement, reaching a one-year low. The fall coincides with the waning memecoin boom that drove growth in the previous year. The Solana blockchain now has 3.3 million active addresses, according to Glassnode data. This number represents a 12-month low. Compared to the approximately 9 million active addresses reported in January, that is a significant drop.
Throughout late 2024, there was a significant increase in the measure that tracks the unique wallet addresses that execute transactions. This development coincided with Solana’s ascent to prominence as the go-to network for high-speed trade and memecoin launches. As the extreme memecoin fervor that previously dominated the chain has subsided, activity on Solana has progressively decreased through 2025.
Pump.fun Proves Solana Engagement Is Not Dead Yet
Some platforms remain resilient despite the issues above. One of the top token launchpads on the Solana blockchain, Pump.fun, still brings in more than $1 million every day. Its strong position is highlighted by the fact that it currently has around 90% of the market share in this area. This further suggests that strong engagement is still there in some groups even when overall participation has decreased.
The change demonstrates how swiftly momentum in the cryptocurrency ecosystem can shift. Once the hype cycle passes, blockchains that rely on a single story or trend frequently see a drop in utilization. Solana’s behavior is similar to other instances from other networks that saw brief increases in user activity. The activity levels of these networks rebounded to more sustainable levels when speculation subsided.
Network Expansion Continues on Solana Amid User Activity Drop
Solana‘s developers and projects are still expanding the network’s capabilities in spite of the drop in address activity. Protocols for real-world assets, prediction markets, and decentralized exchanges are all being expanded. Major protocols, including Jupiter, Jito, and Kamino, support the network’s DeFi total value locked (TVL), which is still strong at $10 billion. This continuous evolution shows a move away from short-term speculative trends and toward the construction of long-lasting infrastructure.
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