As the memecoin boom cools down, whether Solana (SOL) can once again drive its development with the recovery of the decentralized physical infrastructure network (DePIN) has become the focus of market attention. Recently, DePIN projects such as Hivemapper and Helium Mobile have seen significant growth, especially with Helium Mobile’s user base surged by 9 times to 145,000, a record high for the year. These advances not only inject vitality into the DePIN field, but also provide a potential impetus for Solana.
The potential impact of the development of DePIN on SOL cannot be underestimated. Especially with demand for Google Maps alternative Hivemapper, a massive increase in demand, doubling monthly demand, and with the launch of new devices like MapBox, the recovery of DePIN clearly brings some opportunities for Solana. The Syndica report noted that Helium (HNT), Hivemapper and Render had revenues totaling $350,000, suggesting that the industry could stabilize in 2025.
However, despite the recovery of the DePIN project, the aftermath of the memecoin craze still has a significant impact on the Solana ecosystem. Solana's DEX trading volume peaked at $3 billion in January due to the TRUMP meme currency outbreak, but since then, trading volume plummeted 60%, causing the SOL price to fall from an all-time high of $295 to above $120.
Can DePIN fill the gap left by memecoin?
Although DePIN's recovery has brought temporary relief to Solana, it remains an unknown whether it can completely replace the stimulus brought by memecoin. In February, the number of active addresses in Solana increased slightly, thanks in part to the attractiveness of the DePIN project. However, with the arrival of mid-March, the number of active addresses has declined again, showing that memecoin activity is still dominant in the Solana ecosystem.
Solana is currently priced near $131, firmly above the $120 support level. Next, we need to pay attention to whether the $120 support can effectively prevent further pullbacks. If the DePIN project can continue to attract users and drive the growth of network activity, Solana's value may usher in a new round of growth. But if memecoin’s influence fails to completely subside, Solana’s recovery may still face greater challenges.
Overall, the recovery of DePIN brings hope to Solana, but whether it can fill the gap left by memecoin will depend on the activity of the network and further support from the market for the DePIN project. Do you think DePIN can become the next stage of growth in SOL?
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