Solana Is Bleeding Users. Here's What the Memecoin Data Says.

Solana lost half its daily active users and 79% of its revenue. Here's what the on-chain data and Drill.meme's token scanner reveal about the memecoin ecosystem right now.

Alex•

March 29, 2026

6 min read

Solana Is Bleeding Users. Here's What the Memecoin Data Says.

Half of Solana's users vanished. Not over a year. Not over a quarter. In weeks.

Daily active addresses went from 6.4 million to 2.8 million. Network revenue crashed 79%, down to $314K per day. Fees collected dropped 31%. And if you're a memecoin trader on Solana, you've probably already felt it: thinner charts, quieter Telegram groups, fewer tokens worth looking at.

I've been watching this unfold in real time through the algo's data, and the numbers tell a story that the price charts alone don't.

What Happened to Solana's Network

SOL is sitting around $82 right now. That's roughly 70% below its 2026 high. The drop isn't a mystery: the US and Iran have been in active military conflict for a month, the Strait of Hormuz is disrupted, energy costs spiked globally, and risk assets across the board took a beating.

But the Solana story goes beyond just "crypto went down."

On March 26, something happened for the first time in 2026: Bitcoin, Ethereum, and Solana spot ETFs (exchange traded funds that let institutions buy crypto without holding it directly) all posted net outflows on the same day. Combined outflows hit $281.8 million. SOL ETFs alone shed $4.24 million that week, with cumulative assets under management sitting at $809 million.

When all three major crypto ETFs bleed simultaneously, that's not rotation. That's institutions pulling money out of the entire asset class.

The Memecoin Collapse Is the Real Story

Here's what most analysis misses: Solana's "user base" was never as broad as the numbers suggested. Memecoins accounted for up to 70% of Solana's DEX (decentralized exchange) trading volume during the peak. Memecoin Telegram bots, launchpads, and trading apps generated roughly 60% of Solana's $3.3 billion in annual app revenue.

When memecoin activity dropped, it didn't just hurt one corner of the ecosystem. It hollowed out the entire thing.

The numbers are brutal. Memecoin trading volume fell 81%, from $18.5 billion to $3.5 billion. DEX volume crashed 62% in three weeks during February, from $118.2 billion down to $44.5 billion. The number of active traders dropped from 4.4 million to 400,000.

And on the sell side? Dune Analytics data shows 55% of recent DEX volume has been sells. Only 44% buys. People aren't just leaving. They're dumping on the way out.

What the Algo Sees Right Now

This is where it gets interesting, because I can show you what this looks like at the token level.

In the last 7 days, the algo tracked 708 new tokens through their full 24 hour lifecycle. Only 12 passed all filters. That's a 1.69% selection rate, down from 2.81% the week before. Volume is down 14% week over week.

For context: over the last 30 days, we tracked 3,447 tokens total. 172 were selected. That's a 4.99% selection rate. So the current week isn't just below average. It's running at one third the monthly rate.

Every single one of those 12 selected tokens came from Pump.fun. Raydium's LaunchLab had 116 tokens tracked this week. Zero made it through. Meteora had 12. Also zero. → Related: What Happens When a New Memecoin Launches

The hard rejection rate hit 95.9%. That means almost 96 out of every 100 tokens failed critical security checks before they even got a chance to be evaluated on market health.

The Tokens That Did Survive

Even in a down market, some tokens pass. The best performer this week was Deadwhale, which hit 8.12x from its selection price. But timing mattered: it took 847 minutes (about 14 hours) to reach that peak. If you weren't watching at the right time, you missed it.

The median outcome for selected tokens? 2.07x. That's actually decent, up from the 30 day median of 2.15x (roughly in line). The pool is smaller, but the quality of what survives hasn't collapsed. Fewer tokens launching means less noise, which means the ones that do pass filters tend to be slightly more legitimate.

That's the counterintuitive part. A quieter market doesn't necessarily mean worse picks. It means fewer of them. → Related: When to Sell: The Hardest Decision in Memecoin Trading

Why This Matters for You

If you're still trading memecoins on Solana right now, here's what the data actually says.

The opportunity set is shrinking. 708 tokens in a week versus over 800 the week before. Fewer launches means fewer chances, period. But the tokens that do launch in a low activity environment tend to have less competition for attention, which can be an edge.

Security hasn't improved. 95.9% hard rejection rate is actually higher than the 30 day average of 93.85%. Scammers didn't leave when the tourists did. If anything, a lower volume environment means each scam token gets a higher share of the remaining liquidity. → Related: How to Spot a Rugpull

Pump.fun is the only game in town. All 12 selected tokens came from there. Raydium LaunchLab launched 116 tokens this week and none cleared the filters. If you're looking for tradeable launches right now, the data says Pump.fun is where they're happening.

The macro isn't going away. The Iran conflict is in month two. Crypto markets have shed 46% from October 2025 highs. SOL futures open interest dropped from $16.5 billion to $5.4 billion. Until the geopolitical situation resolves, expect low volume to stay low.

Key Takeaways

Solana daily active users fell from 6.4M to 2.8M. Revenue crashed 79%. This is a memecoin driven exodus.
The algo tracked 708 tokens this week, selected 12 (1.69%). That's down from 2.81% the prior week and well below the 30 day average of 4.99%.
All 12 selected tokens came from Pump.fun. Raydium LaunchLab: 116 tokens, zero selected.
The hard rejection rate is 95.9%. Scammers didn't leave with the tourists.
Median outcome for selected tokens was 2.07x. Quality held up even as quantity dropped.

The Honest Take

Look. Solana isn't dying. The Foundation just announced 15 million on-chain agent payments, the SEC classified SOL as a digital commodity, and Walmart added it to their payment platform. The infrastructure story is real.

But the memecoin economy that powered Solana's activity metrics for the last year and a half? That part is in a rough spot. And pretending the ecosystem is healthy because the technology is good would be like saying a restaurant is doing great because the kitchen is new, while ignoring that the dining room is empty.

The algo keeps scanning. The data keeps flowing. And when the volume comes back (it always does, eventually), the tokens will be there. The question is whether you'll be positioned to see them early.