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- DePIN adoption grows as Helium and Hivemapper see increased user activity and demand.
- Memecoin cool-off weakens Solana’s DEX volumes, dropping network activity by 45% since January.
- SOL holds support at $130, with DePIN offering potential recovery amid market shifts.
Solana Network experienced rapid growth before memecoin activity cooled off. During the peak in January, decentralized exchange (DEX) volumes surged to $3 billion. Excitement around the TRUMP memecoin helped push SOL to a record $295. However, the hype faded, and DEX volumes dropped by 60%, pulling SOL down to $120. Meanwhile, another sector within the Solana ecosystem gained strength.
DePIN Brings New Growth to Solana
Decentralized physical infrastructure networks (DePIN) saw a strong recovery in February. Projects like Helium Mobile and Hivemapper attracted more users, bringing fresh momentum to Solana. Could this shift help SOL recover lost ground? Helium Mobile expanded rapidly, reaching 145,000 users—a ninefold increase.
Hivemapper, a decentralized mapping project, tripled demand after launching new devices. Syndica reported that Helium, Hivemapper, and Render maintained steady monthly revenue of $350,000. These numbers suggested growing stability in the DePIN sector.
Can DePIN Push SOL Higher?
Despite this growth, memecoins continued to dominate Solana’s network activity. Active Solana addresses peaked at 5.7 million in January but later declined. A slight rebound in February saw numbers rise from 4.1 million to 4.4 million, coinciding with DePIN’s resurgence. However, by mid-March, activity settled at 3.11 million—a 45% drop from January’s high.
DePIN adoption could provide long-term benefits for Solana. The network’s shift toward decentralized infrastructure might create more stability. If projects like Helium Mobile and Hivemapper continue growing, Solana could see renewed investor interest.
SOL remained above key support at $130. A sustained DePIN expansion might counter the impact of declining memecoin activity. If momentum builds, Solana could regain strength and attract fresh demand.
