- Solana DePIN rebounded in February, with Helium posting 9X user growth.
- SOL value was heavily tied to meme-coin craze, per address activity.
Solana [SOL] DePIN (decentralized physical infrastructure network) rebounded in February, as key projects like Hivemapper and Helium Mobile gained significant traction.
According to a recent report, Helium Mobile users increased ninefold to 145,000, marking the highest growth in a year.
Source: Syndica
Can DePIN boost SOL?
Additionally, the report noted that Hivemapper, a community-driven alternative to Google Maps, tripled its demand in February due to new mapping devices (MapBox).
Source: Syndica
In fact, Syndica reported that Helium [HNT], Hivemapper, and Render collectively maintained steady revenues of approximately $350,000, indicating that the sector stabilized in 2025.
The resurgence of DePIN could serve as a beneficial catalyst for SOL. Especially following a massive cool-off in memecoin mania, which negatively impacted Solana’s decentralized exchange (DEX) volumes and overall value.
During the peak DEX volume of $3 billion in January, SOL reached a record high of $295, driven by significant interest following the debut of the TRUMP memecoin.
But DEX volumes dropped 60% afterwards, dragging SOL to its 2024 support level above $120.
So, can the resurgence of DePIN fill the void left by meme coins and boost SOL value? AMBCrypto evaluated active addresses for insights.
Source: The Block
During the TRUMP meme-coin craze, the average number of active Solana active addresses surged to 5.7 million in mid-January but declined later.
A slight increase in February to 4.4 million from 4.1 million coincided with the traction of DePIN shared by Syndica.
However, the number of users declined later in February, dropping to 2.7 million. By mid-March, the figure appeared to stabilize at 3.11 million active addresses.
This represented a 45% decrease in network activity from the peak reached in January.
Simply put, DePIN may have provided some relief for activity in February; however, memecoin activity continued to be a primary driver within the Solana ecosystem.
At the time of writing, SOL was valued at $130 and held above its key 2024 support zone. Whether the $120 support would prevent further correction remained to be seen.
Source: SOL/USDT, TradingView
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