The Solana collapse in Q4 2025: memecoins and active traders plummet sharply

OnchainDetective · 2025-12-26T19:32:26+00:00

Solana experienced an unprecedented decline in late 2025, with active traders dropping from over 30 million to under 1 million. A 90% drop in memecoin trading contributed to this, putting significant pressure on its native token, SOL. In contrast, Ethereum thrived, earning three times more, highlighting Solana's vulnerability and reliance on speculative trading.

OnchainDetective

2025-12-26 19:32:26

Abstract generation in progress

The Solana network experienced an unprecedented contraction during the last quarter of 2025, with indicators revealing a 97% decline in overall platform activity. Data shows that the number of active traders plummeted from over 30 million recorded at the end of 2024 to figures below 1 million, marking the lowest point in the ecosystem’s recent history.

The Meme Coin Phenomenon as a Catalyst for Decline

The meme coin sector, which has historically served as a driver of traffic and activity on Solana, recorded a 90% decrease in trading volumes. This contraction reflects not only the characteristic volatility of this segment but also a deeper shift in the behavior of speculators and the supply of new projects on the chain.

Pressure on SOL Price

The native token of Solana faced significant pressure, falling to $120 during the quarter. According to recent data, SOL is currently trading around $122.04, with a negative performance of -38.21% over the one-year period. This price weakness reflects both the deterioration of activity on the network and the market re-evaluation of the ecosystem.

Ethereum in a Better Position

In direct contrast, Ethereum generated approximately three times more annual revenue than Solana during the same period, consolidating its position as the most robust smart contract platform in terms of value creation. This differential highlights the difficulties Solana faces in maintaining its competitive relevance.

The outlook suggests that excessive reliance on meme coin speculation left Solana vulnerable to changes in market sentiment, while more diversified ecosystems managed to maintain greater stability.

SOL0,97%

ETH0,15%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.