Solana Loses 97% Of Traders During 2025 As Institutional Money Exits

Mid-sized wallets handling $0 to $100,000 and institutional-sized wallets managing $100,000 to $10 million have been in steady decline for approximately 13 months. Retail wallets showed consistent growth over the same period, suggesting smaller investors believe SOL remains undervalued despite institutional withdrawal.

On-chain data reveals near-perfect correlation between Solana demand and memecoin activity on the network.

Why It Matters: Revenue Collapse

Investor and trader Jas reported that Solana's active monthly traders dropped from roughly 30 million to under 1 million in 2025, representing a 97% decline in network activity.

Network revenue fell fivefold year-over-year from $2.5 billion in 2024 to $500 million in 2025.

Ethereum generated $1.4 billion in revenue this year and outperformed Solana by 56% year-to-date. "SOL's future may depend less on memes and more on what follows them," Jas stated.

Alexey Bondarev is the Head of Content at Yellow.com, having reported on crypto for the last 10 years. He specializes in in-depth Research and Learn pieces, with a focus on analytical reporting, industry context, and the bigger forces shaping crypto, from the AI era and security technologies to fintech innovation. He believes that everything digital will imminently overcome everything analogue and is working hard to make that come true.