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Has Solana’s memecoin mania fizzled out?

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Token launches drop 40%, but Solana’s DEXs still clear $3B a day.
Posted: | Last updated: November 7th, 2025
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Has Solana's memecoin mania fizzled out?
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Journalist
Posted: | Last updated: November 7th, 2025

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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.

Solana

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.
Solana

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.

The focus is different now

Even with fewer new tokens, Solana’s activity is holding steady.

Source: Santiment

Santiment data showed about 2.5 million Daily Active Addresses, the same as late October. The same users from the peak are still trading, swapping, and moving capital.

It’s ongoing participation, not new token launches, that’s keeping the network busy.

Source: CoinGecko

CoinGecko data showed Solana’s top assets are still Tether [USDT] ($183B), SOL ($96B), USD Coin [USDC] ($75B), Wrapped Bitcoin [WBTC] ($13.6B), and Chainlink [LINK] ($11B).

So, Solana’s biggest value isn’t in memecoins. It’s in stablecoins and blue-chip tokens. Even with SOL down 12% and LINK down 13% this week, that balance hasn’t changed.

Fewer token mints simply mean activity is focusing back on core liquidity.

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Samyukhtha L KM is a Financial Journalist and Market Analyst at AMBCrypto whose work is defined by one central question: Is the latest trend in blockchain hype, or history in the making? Her expertise is built on a strong academic foundation, with a Master’s in Journalism and Mass Communication from Amity University and a Bachelor’s in Commerce from the University of Madras. This dual qualification equips her with a unique skill set: the financial acumen to dissect market mechanics and the journalistic rigor to investigate and communicate complex subjects with clarity. Samyukhtha specializes in analyzing the socio-economic impact of blockchain adoption and assessing the viability of new market narratives. This includes a focus on high-velocity, community-driven assets such as memecoins, where she evaluates sentiment and fundamentals. She is dedicated to providing readers with insightful, well-researched commentary that looks beyond immediate market moves to understand the long-term implications of decentralized technology.
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