There are some noteworthy data signals in the Solana ecosystem recently. The official annual report looks good, but a closer look at the trading data reveals some hidden issues.

In terms of Memecoin trading volume, although there is still year-over-year growth (a 10% decrease), an 80-fold increase over two years sounds exaggerated. The problem is—looking at it from a different perspective, the weekly and monthly trading volumes are actually continuously weakening. Even more concerning is that the number of active traders has experienced a cliff-like decline, which is the real danger signal.

If this declining trend is not reversed, when it propagates to the next cycle, the drop could be significantly amplified. Short-term year-over-year data looks good, but long-term trading vitality is waning—this contrast is worth pondering. Whether the popularity of the Solana ecosystem is truly as optimistic as the financial report shows may still need to be questioned.