- Solana’s DePIN made a comeback in February, with Helium boasting a 9X user growth. 🚀
- SOL’s value was riding the meme-coin rollercoaster, according to address activity. 🎢
In the frosty month of February, Solana’s DePIN (decentralized physical infrastructure network) emerged from the shadows, as projects like Hivemapper and Helium Mobile gained momentum. 🌐
A recent report revealed that Helium Mobile users skyrocketed ninefold to 145,000, marking the most significant growth in a year. 📈
Can DePIN Rescue SOL? 🤔
Meanwhile, Hivemapper, the underdog challenging Google Maps, tripled its demand in February, thanks to new mapping devices (MapBox). 🗺️
Syndica reported that Helium [HNT], Hivemapper, and Render collectively maintained steady revenues of around $350,000, suggesting the sector had stabilized by 2025. 💰
The resurgence of DePIN could be a lifeline for SOL, especially after the meme-coin frenzy cooled off, dragging Solana’s decentralized exchange (DEX) volumes and overall value down. 📉
During the peak DEX volume of $3 billion in January, SOL hit a record high of $295, fueled by the debut of the TRUMP memecoin. 🚀
But DEX volumes plummeted by 60%, pulling SOL down to its 2024 support level above $120. 😬
So, can DePIN fill the void left by meme coins and boost SOL’s value? AMBCrypto analyzed active addresses for clues. 🔍
During the TRUMP meme-coin craze, the average number of active Solana addresses surged to 5.7 million in mid-January but later declined. 📊
A slight increase in February to 4.4 million from 4.1 million coincided with DePIN’s traction, as reported by Syndica. 📈
However, user numbers dropped later in February, falling to 2.7 million. By mid-March, the figure stabilized at 3.11 million active addresses. 📉
This represented a 45% decrease in network activity from January’s peak. 😱
In short, DePIN may have provided some relief in February, but meme-coin activity remained the primary driver in the Solana ecosystem. 🎭
At the time of writing, SOL was valued at $130, holding above its key 2024 support zone. Whether the $120 support would prevent further correction remained to be seen. 🤷♂️
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2025-03-23 11:10