Recently, I reviewed the Solana Foundation's annual report, and the more I looked at it, the more I felt certain data deserved closer scrutiny. The report was densely packed with figures about Meme coin growth over two years, but when I turned to the sections on trading volume and user participation, the tone suddenly changed.
According to on-chain data tracking, starting from Q2 2025, the average daily trading volume of Meme coins on Solana showed obvious weakness. By Q4, weekly trading volume had dropped nearly 60% from its peak. What's even more noteworthy is the user count—within three months, it plummeted from an average of 120,000 daily users to below 50,000, and that's not a minor fluctuation.
Why is Meme coin trading moving this way? Looking back at early 2025 provides the clues. During that period, celebrity effects did indeed heat up the market, with tools like GMGN's 24-hour trading volume briefly exceeding $153 million, and on-chain activity reaching its peak. But this kind of market momentum supported by trends and headlines was inherently fragile. When the hype faded and participants dispersed, the data immediately revealed the truth.
The fact now before us is that the downward trend in Meme coin trading has become established. It's not a short-term correction, but rather a natural pullback after the speculative fever subsides. On-chain activity and trading frequency are both declining, indicating that participants are decreasing and market enthusiasm is cooling. Some might say this is perfectly normal—any trend has a cycle. True, but the key question is: where's the next driver? After the bubble created by short-term celebrity effects bursts, the sustained trading momentum is clearly insufficient.
This also shows why drawing conclusions based solely on growth multiples is one-sided. The surface numbers may look impressive, but examining trade depth, user retention, and market participation is what determines the true health of this ecosystem. Currently, the hype around Meme coins on Solana is indeed waning, and no matter how the Foundation packages the data, the on-chain reality tells the true story.
Recently, I reviewed the Solana Foundation's annual report, and the more I looked at it, the more I felt certain data deserved closer scrutiny. The report was densely packed with figures about Meme coin growth over two years, but when I turned to the sections on trading volume and user participation, the tone suddenly changed.
According to on-chain data tracking, starting from Q2 2025, the average daily trading volume of Meme coins on Solana showed obvious weakness. By Q4, weekly trading volume had dropped nearly 60% from its peak. What's even more noteworthy is the user count—within three months, it plummeted from an average of 120,000 daily users to below 50,000, and that's not a minor fluctuation.
Why is Meme coin trading moving this way? Looking back at early 2025 provides the clues. During that period, celebrity effects did indeed heat up the market, with tools like GMGN's 24-hour trading volume briefly exceeding $153 million, and on-chain activity reaching its peak. But this kind of market momentum supported by trends and headlines was inherently fragile. When the hype faded and participants dispersed, the data immediately revealed the truth.
The fact now before us is that the downward trend in Meme coin trading has become established. It's not a short-term correction, but rather a natural pullback after the speculative fever subsides. On-chain activity and trading frequency are both declining, indicating that participants are decreasing and market enthusiasm is cooling. Some might say this is perfectly normal—any trend has a cycle. True, but the key question is: where's the next driver? After the bubble created by short-term celebrity effects bursts, the sustained trading momentum is clearly insufficient.
This also shows why drawing conclusions based solely on growth multiples is one-sided. The surface numbers may look impressive, but examining trade depth, user retention, and market participation is what determines the true health of this ecosystem. Currently, the hype around Meme coins on Solana is indeed waning, and no matter how the Foundation packages the data, the on-chain reality tells the true story.
基金会のこの操作は確かに東施效颦（とうしきょうひん）のようなもので、成長倍率でごまかそうとしているが、よく見るとバブルが弾けてそれぞれが逃げ出しているだけだ。
有名人効果を煽るものは長続きしない。今の状況はすでに見抜かれるべきだった。
Userが12万から5万に下落したのは、正常なサイクルと呼べるのか？笑える。
有名人効果は一過性で、すぐに熱が冷める。この泡は持ちこたえられない。
短期で稼ごうとした人は皆逃げた。残っているのは誰がMemeコインをまだ遊んでいるのか。
話題の風口が吹き終われば終わり。このエコシステムの本当の持続力はどこにあるのかを考える必要がある。
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またもやデータの誤魔化しの古典的手法だが、残念ながらオンチェーンデータはそこにある。
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60％の下落幅は短期調整だとまだ言うのか？まったくバカな韭菜だ。
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有名人効果が過ぎると本性が露わになる。memeコインの命はそんなに短い。
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ユーザー数が直接半減しても成長を吹聴する？笑わせる。
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重要なのは延命できるものがないことだ。ホットな話題が過ぎると基本的に冷める。
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市場の脆弱さは取引深度を見ればわかる。上昇率だけを見て自分を騙すな。
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solanaのこの波のmemeコインは泡だ。遅かれ早かれ破裂する。
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次の推進力はいつ来るのか？私は悬念だ。
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基金会が何度言ってもオンチェーンの真実を騙せない。これが現実だ。