Solana User Activity Falls to One-Year Low as Memecoin Hype Subsides

Solana user engagement has decreased significantly in 2025, hitting a one-year low amid the fading memecoin boom that underpinned last year’s growth.

According to Glassnode data, the number of active addresses on the Solana blockchain has declined to 3.3 million. This figure marks a 12-month low and represents a steep decline from over 9 million active addresses recorded in January.

The metric tracking unique wallet addresses executing transactions saw substantial growth throughout late 2024. This development corresponded with Solana’s rise as the preferred network for memecoin launches and high-speed trading.

It currently holds nearly 90% of the market share within this niche, underscoring its dominant position. This further indicates that, although overall participation has declined, robust engagement continues in select segments.

The shift highlights how quickly momentum can change in the crypto ecosystem. Blockchains dependent on a single narrative or trend often experience a decline in usage once the hype cycle ends.

Solana’s pattern resembles earlier examples from other networks that saw temporary spikes in user activity, only to return to more sustainable levels once speculation eased.

Network Focuses on Long-Term Growth

Despite the decline in address activity, Solana’s developers and projects continue to broaden the network’s capabilities. Current efforts include expanding decentralized exchanges, prediction markets, and protocols for real-world assets.

The network’s DeFi total value locked (TVL) remains robust at $10 billion, supported by major protocols such as Jupiter, Jito, and Kamino.

This ongoing development indicates a shift toward building durable infrastructure and reducing reliance on short-term speculative trends.

Solana Market Performance

As of press time, Solana (SOL) is trading at $155.92, marking a modest uptick over the past 24 hours. However, the token has remained down about 2% over the past week.

With a market capitalization of $86.42 billion, Solana currently ranks as the world’s sixth-largest cryptocurrency.