Key Takeaways
Has Solana’s memecoin rush actually cooled off?
Not fairly. DEXs nonetheless course of over $3 billion day by day and $140 billion month-to-month.
What’s totally different about Solana’s market now?
Token mints have dropped 40%, however Every day Lively Addresses maintain regular close to 2.5 million, exhibiting sustained liquidity and extra selective buying and selling conduct.
Has Solana [SOL] run out of chaos?
The on line casino remains to be open, quantity remains to be heavy, but it surely’s not that “10 new cash each 6 seconds” power anymore. The gang appears to have simply stopped minting something with a pulse.
We’ve moved from wild frenzy to extra calculated risk-taking.
Normalized greater efficiency
Solana DEXs proceed to course of about $3 billion day by day, up 15% this week, per DeFiLlama. That’s regular exercise, not hype-driven chaos.
The wild January-February spike is over, however quantity stays sturdy and properly above mid-2024 ranges. If the memecoin hype had been useless, buying and selling could be drying up… but it surely’s not.
Solana nonetheless strikes over $140 billion month-to-month, simply in a extra organized section.
THIS is the place the mania narrative weakens
SolScan confirmed New SPL Token creation falling from 50K a day in August to nearer to 30K now. This can be a 40% contraction in launch exercise. NFTs observe an identical development: outdoors of some outlier spikes, day by day mint counts are properly beneath earlier highs.
Supply: SolScan
Now, there are fewer experimental launches and fewer throwaway cash. Quantity remains to be excessive, however creators are being extra selective than they had been on the peak of the loopy.
The main focus is totally different now
Even with fewer new tokens, Solana’s exercise is holding regular.
Supply: Santiment
Santiment information confirmed about 2.5 million Every day Lively Addresses, the identical as late October. The identical customers from the height are nonetheless buying and selling, swapping, and shifting capital.
It’s ongoing participation, not new token launches, that’s maintaining the community busy.
Supply: CoinGecko
CoinGecko information confirmed Solana’s high belongings are nonetheless Tether [USDT] ($183B), SOL ($96B), USD Coin [USDC] ($75B), Wrapped Bitcoin [WBTC] ($13.6B), and Chainlink [LINK] ($11B).
So, Solana’s greatest worth isn’t in memecoins. It’s in stablecoins and blue-chip tokens. Even with SOL down 12% and LINK down 13% this week, that stability hasn’t modified.
Fewer token mints merely imply exercise is focusing again on core liquidity.