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##TL;DR
Over the past year, the meme coin market on the <a href="/ja/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> blockchain has dramatically shifted from explosive growth to collapse. Its rise was primarily fueled by speculative sentiment and celebrity influence, but lacking intrinsic value, the bubble was ultimately unsustainable. A series of celebrity and presidential tokens, coupled with pump-and-dump schemes, accelerated the erosion of market trust. Furthermore, <a href="/ja/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> faces a crisis of large-scale token unlocks and capital outflows. Nevertheless, the current crisis also allows Solana's ecosystem to adjust and rebuild.

##The Meme Coin Bubble: From Frenzy to Collapse

The rise of meme coins is a textbook example of speculative mania in the <a href="/ja/price" target="_blank" class="blog_inner_link">crypto market</a>. Their value is not based on practical applications or technological innovation but is driven by market sentiment, community hype, and celebrity influence. As a high-performance, low-cost blockchain, Solana provided a natural environment for rapidly issuing and trading meme coins. From early projects like BONK to later tokens such as TRUMP and various AI-themed coins, a flood of meme coin projects emerged, capturing the attention of countless speculators.

However, the core issue with meme coins lies in their unsustainability. Meme coin prices are entirely sentiment-driven and highly volatile without real-world use cases or long-term development plans. Once market confidence wanes, the price often plummets rapidly. For instance, the TRUMP token lost over 80% of its value shortly after launch, while BONK fell from $0.00006 to $0.000014, an 80% decline as well. These sharp drops inflicted heavy losses on investors and eroded market trust in meme coins.

More importantly, the collapse of the meme coin bubble is not an isolated event but a reflection of the speculative frenzy across the entire <a href="/ja/price" target="_blank" class="blog_inner_link">crypto market</a>. As Treeverse founder Loopify aptly put it, meme coins depend entirely on sentiment and hype, with no intrinsic value. This characteristic makes them inherently short-lived, and Solana's over-reliance on the meme coin craze sowed the seeds for the subsequent crash.

##Celebrity Influence and Insider Trading: The Catalyst for the Trust Crisis

While celebrity influence played a key role in driving the meme coin frenzy, it also became a major factor in the collapse of trust. Tokens like $TRUMP and $MELANIA, initially high points for the meme coin market, quickly became cautionary tales due to frequent pump-and-dump schemes.

After the launch of the TRUMP token, the team behind it exited the market through hundreds of wallets in a short period, causing significant price fluctuations and prompting investors to flee. Similarly, the MELANIA meme coin experienced extreme volatility within 12 hours post-launch.

Similar scenarios played out with other celebrity-related projects. For example, Argentina's presidential token, LIBRA, attracted significant funds through celebrity endorsements but saw its team cash out over $100 million, leaving investors with heavy losses. Additionally, some celebrities promoted scam tokens on social media, leveraging their influence to pump prices before quickly selling off their holdings. This blatant "rug-pulling" behavior further undermined market trust.

These incidents highlight a fundamental issue in the meme coin market: insider trading and capital extraction are almost entirely unregulated. The meme coin ecosystem has increasingly become a "zero-sum game" casino, and the exploitative behavior of celebrity-backed tokens has driven investor confidence to an all-time low.

##Solana's Ecosystem Challenges and Future Prospects

The collapse of the meme coin bubble has had profound negative effects on the Solana ecosystem. Data shows that the number of active addresses on the Solana network plummeted from 15.6 million in November 2024 to 9.5 million in February 2025, a nearly 40% drop. Meanwhile, millions of dollars in cryptocurrency <a href="/ja/price/flow-flow" target="_blank" class="blog_inner_link">flow</a> from Solana to other blockchains, indicating an accelerating trend of capital flight.

In addition, Solana faces a major upcoming event: the unlocking of $2.2 billion worth of SOL tokens on March 1, 2025. This event could result in significant selling pressure on the market, further depressing SOL's price. Investors are concerned that this unlock could trigger even greater market turmoil, potentially leading to further contraction of the Solana ecosystem.

Despite these challenges, the crisis also allows Solana to realign its focus. The retreat of meme coins exposes the ecosystem's over-reliance on speculation but also clears the way for developing more sustainable, value-driven projects. The rising index of stablecoins suggests that new funds are still entering the market. The key question is whether Solana can seize this opportunity. To rebuild market trust, Solana could focus on areas such as enhancing regulation and transparency, driving technological innovation and diversification, and rebuilding community consensus.

In summary, the rise and fall of the meme coin craze on the Solana chain is a microcosm of speculative mania in the crypto market. From the dramatic swings of TRUMP and MELANIA tokens to the insider trading scandals of projects like LIBRA, the collapse of trust has plunged the Solana ecosystem into crisis. However, this crisis also offers Solana a chance to reflect and recalibrate. Through technological innovation, ecosystem diversification, and community rebuilding, Solana still has the potential to emerge from the shadow of the meme coin bubble and regain its footing in the competitive crypto market.
<div class="blog-details-info">
<div>Author:** Orisi.T**, Gate.io Researcher
<div>Translator: Orisi.T
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions. All investments carry inherent risks; prudent decision-making is essential.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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In-Depth Analysis: Why Did the $TRUMP, $MELANIA, and Other Meme Crazes on Solana Chain Suddenly Fade Out?