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Active Addresses Tumble To 3.3 Million As Memecoin Interest Wanes
On-chain activity has revealed a steady decline in the number of active addresses on Solana over the last year. According to the latest data, Solana’s active addresses are pegged at 3.3 million, representing a 12-month low for the blockchain that has established itself as a leader in memecoin launches and trading.
Early in the year, active addresses stood at just over 9 million, with the latest number reflecting a significant 63% drop. A bird’s-eye view of Solana’s active addresses reveals that the decline was gradual, falling in tandem with the waning interest in memecoin in 2025.
Furthermore, on-chain data indicates concentrated activity in specific segments despite the falling user metrics. Memecoin launchpad Pump.fun has braved the decline in Solana active addresses to generate over $1 million per day and corner 90% of the token launchpad market share.
Analysts are interpreting the slump in active addresses as the downside of riding the wave of a single narrative. Solana’s users spiked in 2024, driven by a memecoin frenzy, but a decline in the memecoin narrative has had a dire impact on the network’s overall metrics.
 
Alongside the decline in users, SOL price has fallen from its all-time high of $294 to trade at $143. In the last month, SOL has shed 26% of its market value, bearing the brunt of the broader crypto market bearishness.
Still Rippling With Optimism
While the numbers around Solana appear largely underwhelming, enthusiasts are bullish on a near-term resurgence for the network. Bulls are pinning their hopes on the launch of new decentralized exchanges, RWA protocols, and prediction markets on the network.
Currently, Solana’s total value locked (TVL) of over $10 billion has offered a ray of hope to investors, with non-speculative projects cornering a slice of the market share. Several analysts are predicting a short-term rally toward $200 if the asset price breaks out of the falling wedge, but the reversal hinges on sustained institutional buying. Already, investors are ignoring the current price dip to increase their SOL holdings with the Bitwise Solana ETF pulling in over $500 million in a week.
