TL;DR
- Active Solana addresses dropped to 3.3 million, marking the lowest point in the past 12 months, largely tied to fading memecoin enthusiasm.
- Memecoin trading volume has slowed, yet Pump.fun still dominates token launches, showing concentrated user engagement in select areas.
- Despite reduced network activity, Solana ETFs posted record inflows, highlighting continued institutional confidence and ecosystem expansion beyond memecoins.
Solana’s user activity has reached a 12-month low, with active addresses sliding to around 3.3 million from January’s high of more than 9 million. The slowdown comes as memecoin trading, once the main catalyst for on-chain growth, cools down sharply. Still, Solana remains a central player in crypto innovation, driven by low fees, fast settlement, and expanding use cases.
Shifts in User Behavior Reflect Market Realignment
Data from DefiLlama and Artemis show that the drop in Solana’s active addresses has been gradual since early 2025, closely mirroring the decline in memecoin volume. Platforms such as Pump.fun, which once fueled daily volumes exceeding $1 million, now see fewer retail participants, though the remaining traders continue to create strong localized activity.
The reduction in memecoin trading highlights a broader adjustment across blockchain ecosystems, as speculative trading gives way to more sustainable applications. Solana’s developers and ecosystem partners are shifting attention toward decentralized exchanges, real-world asset tokenization, and prediction markets, signaling the chain’s evolution beyond short-term hype cycles.
Solana’s token (SOL) has remained under moderate pressure, trading near $154 this week. Over the past 30 days, SOL has declined about 25%, yet total value locked (TVL) across Solana-based DeFi protocols has held above $10 billion, with Jupiter, Kamino, and Jito maintaining leadership positions.
Solana ETFs See Record Institutional Demand
Contrary to retail activity trends, Solana ETFs have posted consecutive weeks of inflows, surpassing Bitcoin and Ethereum funds in early November. Bitwise’s Spot Solana ETF (BSOL) attracted $12.5 million in new capital on Wednesday, while Grayscale’s GSOL added $5.2 million. Combined holdings now exceed $369 million across U.S.-listed Solana ETFs.
Market analysts view the strong ETF performance as a signal of institutional conviction in Solana’s long-term role. Velte Lunde of K33 Research emphasized that BSOL’s low management fee of 0.20% and early listing advantage have boosted investor demand. Meanwhile, the New York Stock Exchange introduced options for Solana ETFs, expanding liquidity and risk management tools for professional investors.
A Network in Transition
While user activity has softened, Solana’s ecosystem shows resilience through diversification. Developers are integrating more stable, yield-generating applications that could balance the volatility caused by speculative trends.
