Solana active addresses fall to 12-month low as memecoin frenzy fades

The number of active addresses on Solana has declined to 3.3 million, marking a 12-month low and representing a significant retreat from the network's peak of over 9 million active addresses in January.

Active addresses, measured as unique addresses that signed transactions, surged throughout late 2024 as Solana established itself as the dominant chain for memecoin launches and trading, offering faster speeds and lower costs compared to Ethereum.

The decline has been gradual throughout 2025 as memecoin enthusiasm waned from its peak levels. However, pump.fun continues to demonstrate staying power within this sector, generating over $1 million daily and commanding approximately 90% market share among token launchpads. This suggests that while overall participation has decreased, concentrated activity persists in specific segments.

The trajectory illustrates how quickly trends can shift in crypto markets and underscores the importance of ecosystem diversification. Networks that anchor their growth to a single narrative or use case face vulnerability when that narrative loses momentum. Solana's experience with memecoin-driven growth mirrors patterns seen across other chains where temporary catalysts drove user surges followed by eventual normalization.

Despite declining active addresses, Solana continues expanding its product infrastructure. The network is building out new decentralized exchanges, prediction markets, and real-world asset protocols, while DeFi total value locked stands at $10 billion, led by protocols including Jupiter, Kamino, and Jito. The development activity suggests efforts to establish more durable foundations beyond speculative trading.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.