The Solana blockchain is experiencing a significant shift as the number of daily decentralized exchange (DEX) traders has dramatically fallen from 8 million in early 2025 to just 1.1 million by August’s end, according to Dune Analytics data. This sharp decline coincides with the fading popularity of memecoin-fueled growth that once catapulted Solana to the forefront of DeFi. The chart below highlights a spike in trading activity in late 2024, possibly linked to memecoin hype, followed by a substantial downturn in 2025. The drop is attributed to market volatility, rug pulls, and declining investor confidence, prompting some to move their funds to other chains like Ethereum and Base.