Key Takeaways
Has Solana’s memecoin rush really cooled off?
Not quite. DEXs still process over $3 billion daily and $140 billion monthly.
What’s different about Solana’s market now?
Token mints have dropped 40%, but Daily Active Addresses hold steady near 2.5 million, showing sustained liquidity and more selective trading behavior.
Has Solana [SOL] run out of chaos?
The casino is still open, volume is still heavy, but it’s not that “10 new coins every 6 seconds” energy anymore. The crowd seems to have just stopped minting anything with a pulse.
We’ve moved from wild frenzy to more calculated risk-taking.
Normalized higher performance
Solana DEXs continue to process about $3 billion daily, up 15% this week, per DeFiLlama. That’s steady activity, not hype-driven chaos.
The wild January-February spike is over, but volume remains strong and well above mid-2024 levels. If the memecoin hype were dead, trading would be drying up… but it’s not.
Solana still moves over $140 billion monthly, just in a more organized phase.
THIS is where the mania narrative weakens
SolScan showed New SPL Token creation falling from 50K a day in August to closer to 30K now. This is a 40% contraction in launch activity. NFTs follow a similar trend: outside of a few outlier spikes, daily mint counts are well below earlier highs.
Source: SolScan
Now, there are fewer experimental launches and fewer throwaway coins. Volume is still high, but creators are being more selective than they were at the height of the crazy.
