Solana (SOL) active addresses are trending toward a 12-month low, indicating that the memecoin frenzy, primarily led by viral token launchpad pump.fun, may be coming to a temporary halt.
Solana active addresses fall to yearly low
Latest data from Blockworks suggests that the number of active addresses on the Solana blockchain is trending toward a yearly low. The chart below shows that total active addresses – including new and existing ones – tumbled to 1.99 million on November 9, 2025.
Active addresses on the Solana blockchain stood at 4.34 million in November 2024, indicating a decrease of 54.1% over the past year. This confirms that user enthusiasm in memecoins may have come to a standstill.
To explain, active addresses are essentially those wallet addresses that have signed a unique transaction through their wallets. While SOL active addresses saw an explosive growth for the majority of 2024, they are witnessing simmering enthusiasm in 2025.
An interesting observation is that while the number of active addresses on Solana has slumped, the price of the digital asset still remains considerably higher than what it was about 7 months ago. In April 2025, SOL traded close to $107, while it trades at $156 at the time of writing.
Another Solana metric worth looking into is the dramatic collapse in Solana total transfer value (TTF). According to the following chart from Glassnode, the SOL TTF has crashed from almost 2 billion SOL in November 2024, to as low as 47.2 million SOL as of October 2025.
The sudden decline in SOL active addresses is a timely-reminder of the rapid pace at which narratives can move in the crypto industry. While memecoins were all the rage last year, investors are reluctant to dabble in these tokens this year amid an uncertain macroeconomic backdrop.
Will Solana see a resurgence in interest?
Although Solana network activity is under duress due to declining active addresses and the collapse in TTF, the wider ecosystem continues to bustle, and remains one of the most active and used smart contract platforms, rivalling the likes of Ethereum (ETH), and others.
The recently concluded Solana x402 Hackathon saw more than 402 submissions – a testimony to the active SOL community. Similarly, the platform’s native token, SOL, continues to witness strong institutional interest despite its recent sluggish price action.
For example, spot SOL exchange-traded funds (ETFs) yesterday saw 12th straight day of positive inflows, to the tune of $18.1 million. The total inflows attracted by Solana ETFs now stand at slightly more than $369 million.
That said, there is still a lot of growth that remains to be desired to give meaningful competition to the likes of Ethereum. According to data from SoSoValue, US spot ETH ETFs currently hold total net assets worth $22.14 billion.
