Solana User Activity Hits One-Year Low Amid Memecoin Fade
Solana user engagement has fallen to a one-year low as memecoin hype subsides. According to Glassnode, active Solana addresses dropped to 3.3 million in late 2025, down from over 9 million in January. Although overall participation has declined, niche platforms like Pump.fun still handle more than $1 million in daily volume. Solana’s DeFi total value locked remains strong at $10 billion, supported by protocols such as Jupiter, Jito and Kamino. Developers are shifting focus to long-term growth by expanding decentralized exchanges, prediction markets and real-world asset protocols. Solana (SOL) is trading at $155.92 with a market cap of $86.42 billion, down about 2% over the past week. The dip in active addresses highlights the network’s vulnerability to short-term trends but underscores ongoing efforts to build sustainable infrastructure.
Bearish
The drop in Solana active addresses signals waning retail interest after last year’s memecoin boom. Historically, similar hype-driven spikes on other networks ended with usage normalizing and short-term price pressure. While SOL’s price and TVL remain solid, the decline suggests weaker transaction demand. In the short term, traders may reduce exposure amid lower on-chain activity. Over the long term, ongoing DeFi and infrastructure developments could stabilize usage, but the immediate impact is likely bearish.