Although the memecoin season on Solana was considered finished, a fresh wave of frenzied token launches is reviving network activity. This resurgence indicates that Solana is likely to replicate the success of the previous cycle and continue to be a dependable asset in Web3. Solana’s Activity Surpasses Ethereum For over a year, the Solana blockchain has been truly revitalizing, leaving behind the bleak period that followed FTX’s collapse. The memecoin season has effectively boosted blockchain activity in 2024. Furthermore, the announcement of SOL’s integration into the U. S. Federal Reserve sparked a rise in the cryptocurrency’s value alongside unprecedented network revenues. While SOL was below ten dollars in December 2022, it surpassed the $250 resistance level for the first time in November 2024. Even as many networks struggle to attract users, Solana’s network activity has increased in recent weeks. According to Solscan, the number of regularly active addresses has been steadily climbing back to early-year levels. By mid-May, the network recorded 5. 5 million active addresses within 24 hours. Although this figure is well below the fall 2024 peak—when Solana reached a record 123 million addresses in October—many users exited Web3 during last winter’s market crash. A Return of Memecoins Originally recognized for NFT collection launches, the Solana blockchain has become a leading network for memecoins since the debut of the Pump. fun application. This uptick in activity in the memecoin sector is significant. In fact, on May 12, Pump. fun—which enables users to create and launch tokens with just a few clicks—introduced a new feature. Platform revenues are now split, with 50% redistributed to token creators.

Each trade generates a 0. 05% commission for creators; for instance, a creator earns $5, 000 from a $10 million trade. To qualify for this redistribution, tokens must still exist exclusively on Pump. fun, encouraging the creation of new tokens. Thanks to this innovation, Solana remains the clear leader in token creation. Aggregated data from Dune Analytics shows that over two-thirds of new tokens originate on Solana. This new memecoin season lacks a specific theme, unlike the 2024 waves themed around AI Agents or tokens named after personalities following TRUMP and MELANIA token launches. This new hype is likely to be short-lived but demonstrates Solana’s capacity to sustain high activity levels while maintaining very low transaction fees. A New Bullish Rally for SOL? A one-year price analysis of SOL reveals a robustness that few altcoins match. Most altcoins have barely benefited from BTC’s rise, whereas SOL’s price was strongly correlated with BTC until January 2025. After hitting its all-time high (ATH) of $257 on January 19, SOL dropped sharply, nearing $100 in April—a much steeper decline than BTC suffered. Since then, SOL has risen over 50%, reaching $167 today. Comparisons with other altcoins show SOL to be one of the market’s most resilient assets. For example, ETH was more heavily affected by last winter’s market downturn; its recent gains only partially recover losses. Similarly, AVAX and TON faced larger declines and have failed to regain upward momentum recently. Among altcoins with market caps close to SOL’s, only ADA and XRP have outperformed it over the past year. Their price surges—prompted by TRUMP’s election—are notable, but a closer look reveals their prices have correlated with SOL’s over the past month.