Solana (SOL), which experienced a major collapse with the bankruptcy of FTX in November 2022 but was subsequently reborn from the ashes, is going through difficult times.
Affected by the declines, Solana has now fallen to around $150 after approaching $300 last January.
The decline in Solana was not limited to price alone, with Solana’s daily active addresses also falling to a 12-month low.
The number of daily active addresses on the Solana network has fallen to a 12-month low, according to The Block. The seven-day moving average for this metric has fallen to 3.3 million from around 9 million at the beginning of the year.
This sharp decline on the Solana network has been attributed to the decline of this year’s memecoin craze. Network activity on Solana, which surged in the second half of 2024 due to the memecoin craze, has been declining since 2025. At the time, Solana led the memecoin market with faster speeds and lower transaction costs compared to Ethereum (ETH).
Despite this decline, the ecosystem continues to grow with new DEXs, prediction markets, and real-world asset protocols. DeFi TVL stands at approximately $10 billion, led by Jupiter, Kamino, and Jito.
Memecoin issuance platform pump.fun continues to demonstrate its strength in this sector, generating over $1 million in daily revenue and commanding a nearly 90% market share among token launch platforms. This suggests that despite declining overall participation, activity in certain segments remains intense.
