Citing Biji.com, Solana's network activity dropped 97% in Q4 2025, with active traders falling from over 30 million in late 2024 to under 1 million monthly. The decline in activity coincided with a sharp drop in SOL's price, which fell 58% during the memecoin slump. Analysts are questioning whether Solana's dominance has ended, as the broader crypto market also declined, with Bitcoin falling over 30%. Despite institutional interest, such as Visa's potential use of Solana for stablecoin settlement, the network's revenue dropped fivefold in 2025 compared to 2024. Ethereum's institutional adoption and annual revenue of over $14 billion also outpaced Solana's $50.22 billion, a threefold gap.
Solana Network Activity Drops 97% in Q4 2025, Sparking Debate
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Summary
Solana network activity plunged 97% in Q4 2025, with active traders dropping from over 30 million in late 2024 to under 1 million. Network metrics show the decline aligned with a 58% fall in SOL’s price during the memecoin slump. Despite institutional interest, including Visa’s potential stablecoin use, Solana’s revenue fell fivefold in 2025. Ethereum’s $14 billion in annual revenue and stronger institutional adoption widened the gap with Solana’s $50.22 billion.
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