Solana Shifts Focus from Memecoins to DePIN Projects
The Most Important Points at a Glance
The Solana blockchain is experiencing a shift in usage. While activity around memecoins is declining, the concept of DePIN (Decentralized Physical Infrastructure Network) is gaining significance. Projects like Helium and Hivemapper are seeing strong growth. But can this development stabilize the value of SOL in the long term?
DePIN: A New Growth Driver for Solana?
In February 2025, there was a significant surge in DePIN projects on Solana. Helium Mobile increased its user base to 145,000 – a ninefold growth. Hivemapper, a decentralized alternative to Google Maps, also saw a threefold increase in demand. These developments suggest that DePIN is becoming more relevant.
Memecoins Losing Influence
The Solana blockchain previously benefited greatly from the hype surrounding memecoins. In January 2025, trading volume on decentralized exchanges (DEX) reached 3 billion USD, pushing the SOL price to 295 USD. However, after the hype subsided, DEX volume dropped by 60%, causing SOL to fall to 120 USD.
How Does DePIN Affect Network Activity?
During the peak of the memecoin craze in January 2025, the number of active Solana addresses stood at 5.7 million. After the decline in memecoin activity, this number fell to 4.1 million before slightly rising to 4.4 million in February due to the growth of DePIN projects. However, by the end of February, the number of active addresses had dropped to 2.7 million before stabilizing at 3.11 million in mid-March.
Our Assessment
DePIN shows potential as a new growth driver for Solana, but network activity remains heavily dependent on speculative memecoin trends. Whether DePIN can sustainably fill the gap left by declining memecoin demand remains to be seen. Currently, the SOL price is holding above the crucial support level of 120 USD. The future development will depend on whether DePIN projects continue to attract users and generate stable revenue.
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