Solana Trader Count Plummets 81% as “Meme Coin Craze” Turns Toxic
Solana’s once-booming decentralized change (DEX) scene is now displaying indicators of exhaustion. Trader participation is collapsing as the meme coin frenzy that drove the community’s meteoric rise begins to bitter.
According to data from Dune Analytics, the variety of every day lively merchants on Solana-based DEXs has plunged from a peak of 4.8 million earlier this 12 months to simply 900,000 in August, an 81% decline.
Daily transaction counts have additionally practically halved, falling from 45 million in July to twenty-eight.8 million this month. The downturn marks the fourth consecutive day that every day Solana DEX merchants have remained under the one-million mark, reinforcing fears of a protracted stoop.
Boom-to-Bust Cycle Cuts Solana’s Retail Traders by Millions
The drop mirrors a broader cycle of growth and bust. Activity skyrocketed during the second half of 2024 as meme coins and experimental tokens captured retail consideration, lifting weekly dealer counts above 30 million by October 2024.
But the frenzy proved unsustainable. By early 2025, inflows of latest merchants collapsed, leaving recurring customers as the primary drivers of exercise. Since then, the market has stabilized at a decrease baseline, with weekly merchants ranging between 10 and 15 million.
Solana’s retail base surged in late 2024 as meme cash like BONK and numerous imitators drew thousands and thousands of latest customers into its ecosystem.
At its top, Solana recorded greater than 8 million distinctive merchants, in response to Solflare neighborhood advocate Baer, who noted that quantity has since fallen by 87% to simply over 1 million.
“That’s a web adverse of seven million individuals who have left the Solana ecosystem solely,” Baer mentioned.
Token creation knowledge reveals simply how unsustainable the meme coin mania has been. On Solana, contract creation surged all through 2024, peaking in February 2025 with greater than half one million new tokens deployed in a single month.
However, exercise slowed noticeably by August, indicating fatigue amongst builders and buyers.
Solana Token Frenzy Turns Into Bloodbath as Most New Meme Coins Vanish Within Hours
Underlying these shifts is the rise of token creation platforms like PumpFun, which have turn into synonymous with Solana’s meme coin period.
According to Dune data, prior to now 24 hours alone, PumpFun noticed 26,457 new tokens minted, greater than 95% of all Solana token launches throughout that interval. The subsequent closest platforms, Sugar and Bags, recorded simply 973 and 673, respectively, whereas smaller venues like Wavebreak barely registered any exercise.
Yet only a few of those tokens endure. Out of PumpFun’s 26,457 tokens, solely 246 managed to “graduate” past their preliminary launch stage, a survival price of lower than 1%. The overwhelming majority of latest tokens both collapsed in worth or had been deserted inside hours of creation.
By distinction, Bags recorded 10 graduations out of 673 tokens, the next relative retention price, however nonetheless small in absolute phrases. Most different platforms, together with Moonshot, Believe, and Boop, noticed no token progress in any respect.
The consequence has been described as a massacre for retail members, lots of whom had been lured into speculative meme coin launches solely to face fast losses.
While the frenzy drove Solana’s every day exercise to file highs in late 2024, the aftermath has been marked by dwindling engagement and shaken confidence.
Additionally, Solana nonetheless leads all chains in DEX exercise, according to DeFiLlama. Over the previous 24 hours, Solana recorded $4.6 billion in buying and selling quantity, edging out Ethereum’s $4.4 billion.
The hole widens over 30 days, with Solana posting $358.9 billion in comparison with Ethereum’s $140.8 billion. BSC and Base adopted with $59.2 billion and $53.1 billion, respectively, whereas Hyperliquid L1 logged $29.8 billion.
Fraudulent ‘Celebrity Coins’ Drain Millions—Kanye, Ronaldo, Adele Among Latest Targets
Hackers have escalated their concentrating on of celebrities to gasoline fraudulent crypto schemes.
In August, compromised Instagram accounts belonging to Adele, Future, Tyla, and even Michael Jackson’s property were used to advertise FREEBANDZ, a pretend Solana token that later collapsed by 98%.
An identical rip-off tied to a bogus “CR7” token falsely linked to Cristiano Ronaldo briefly hit a $143 million market cap earlier than insiders drained its liquidity.
The newest case concerned Kanye West’s official YZY meme coin. West confirmed on Wednesday that his account had been hacked, triggering an 81% crash within the token’s worth.
The report shows 73.8% of wallets trading YZY lost money, with 51,862 wallets recording mixed losses of $74.8 million. More than 1,000 wallets misplaced over $10,000 every.
More than 70% of merchants who purchased into Kanye West’s Solana-based memecoin YZY ended up within the purple, in response to @bubblemaps.#KanyeWest #YZYhttps://t.co/E36PlmnPQo
— Cryptonews.com (@cryptonews) August 28, 2025
By distinction, 18,333 wallets noticed income, although positive factors had been closely concentrated. Eleven addresses captured practically 30% of complete income, price $66.6 million. Most different winners made beneath $1,000.
YZY, quick for Yeezy Money, launched last Wednesday with a promotion from West’s official channels and website. Pitched as a monetary empowerment mission, the token shed 70% inside hours, fueling claims of manipulation.
Analytics platform Bubblemaps flagged suspicious buying and selling patterns, together with “sniping,” the place bots seize massive token allocations seconds after launch.
The episode reveals the dangers in Solana’s ongoing meme coin growth, the place fast pump-and-dump cycles proceed to empty retail buyers.
Solana itself has held regular, buying and selling at $212.85, up 4% prior to now 24 hours and 15.5% over the week. The token stays 27% under its $293.31 all-time high.
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