Solana crossed $240 on Coinbase spot earlier this week, a fresh local high that on initial glance looks like an extension of the post-2024 run. The on-chain composition tells a different story. Active address counts are up 38% YoY, but the more important shift is in transaction profile — DePIN-related transaction volume is now 22% of network activity vs 4% a year ago.
The composition matters because DePIN-driven activity is structurally stickier than memecoin-driven activity. Memes pump the network during cycle peaks then evaporate; DePIN protocols accumulate users who run hardware that requires the network for ongoing operations. FragneticLab thinks SOL’s price-to-network-revenue ratio is more durably supported now than it has ever been, even at $240+.
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