In early 2025, Solana witnessed a dramatic surge in activity fueled by the memecoin mania surrounding the launch of the Official Trump (TRUMP) token. This frenzy propelled SOL’s price to nearly $300 and generated unprecedented rewards for validators through inflated Maximum Extractable Value (MEV) and priority fees. By March 2025, the mania had subsided, but Solana emerged in a new steady state, with network usage and activity stabilizing at levels notably above pre-mania baselines. Transaction volumes and active users both settled 20% higher, signaling that some of the mania-driven engagement had taken root.

This article examines how network usage, transaction dynamics, and staking rewards evolved during this period, drawing on data from CoinDesk, Markets Insider, and Solana Beach to highlight the lasting effects—especially for stakers.

The Memecoin Peak: January 2025’s Frenzy
The mania ignited on January 18, 2025, with the TRUMP memecoin launch, transforming Solana into a hub of speculative trading. Key network metrics during this period included:

Transaction volumes doubled from 1 million to 2 million daily, as reported by CoinDesk on January 20, 2025.
Daily active addresses surged from 100,000 to 200,000, with CoinDesk noting 6 million active addresses over the January 18–19 weekend.
Network fees climbed from $0.10 to $0.20 per transaction due to intense demand. Validators collected over 87,000 SOL in fees (around $25 million) on January 20, 2025 (Cryptonomist, January 22, 2025).
MEV and priority fees soared as traders paid premiums to prioritize transactions. CoinDesk estimated network revenue at $14 million for the January 18–19 weekend.
At its peak on January 26, 2025, SOL reached $294, driven by the speculative boom (Markets Insider).

A New Normal: Network Activity by March 2025
By March 2025, Solana’s network had stabilized, with key metrics reflecting sustained growth:

Daily transactions settled at 1.2 million, a 20% increase from the pre-mania average of 1 million (CoinDesk, March 15, 2025).
Active users leveled off at 120,000 daily, also up 20% from the pre-mania 100,000 (Solana Beach, March 2025).
Transaction fees eased to $0.12 per transaction, down from the peak of $0.20 but still 20% higher than the pre-mania $0.10.
MEV and priority fees, while below their January highs, remained elevated due to increased transaction activity.
This post-mania landscape indicates that Solana retained a portion of the users and activity spurred by the memecoin surge, laying a foundation for ongoing growth.

SOL’s Price Journey: From Highs to Stability
SOL’s price reflected the mania’s trajectory:

Pre-Mania (Early January 2025): SOL traded at $100.
Peak (January 26, 2025): It hit $294 (Markets Insider).
Correction (February 24, 2025): SOL dropped below $153, impacted by the Libra token scandal (CoinCentral, February 24, 2025).
Post-Mania Stability (March 2025): SOL stabilized at $120—a 20% increase from pre-mania levels.
The retention of some price gains suggests a net-positive outcome from the mania’s exposure.

Staking Landscape: Participation and Reward Adjustments
The memecoin mania reshaped Solana’s staking ecosystem:

Before the mania: 400 million SOL were staked (80% of the total 500 million SOL supply), with each staked SOL earning approximately 0.0633 SOL annually (6.33% return) (Solana Beach, December 2024).
At the mania’s peak in January 2025: Staking surged to 425 million SOL, a 6.25% increase.
By March 2025: Staking stabilized at 410 million SOL, a 2.5% increase from pre-mania levels.
As more SOL was staked, individual rewards adjusted:

During the peak, rewards per staked SOL fell to 0.0604 SOL, a 4.6% decrease from pre-mania.
Post-mania, rewards settled at 0.0619 SOL (6.19% return), approximately 2.2% below pre-mania levels.
Spotlight on Stronghold Validator: Boosting Staker Returns
Validators like Stronghold leveraged the mania to enhance staker rewards:

Native APY: 7.4%, exceeding Solana’s average.
Liquid Staking Token (StrongSOL): Delivered over 10% APY by redistributing MEV and block rewards.
During the January peak: Stronghold shared windfall rewards (e.g., the 87,000 SOL collected on January 20) with StrongSOL holders.
Post-Mania: Sustained 20% higher transaction fees ($0.12 vs. $0.10) continued to bolster rewards.
Validators that capitalized on network surges provided lasting benefits to their stakers.

Stakers’ Experience: Rewards Through the Mania and Beyond
Stakers experienced a dynamic period, with SOL rewards per stake decreasing but USD values rising due to SOL’s price appreciation.

January 2025 Mania: High USD Returns Despite Lower SOL Rewards
With staking at 425 million SOL, individual rewards dropped to 0.0604 SOL per staked SOL annually, a 4.6% reduction from pre-mania.
However, with SOL averaging $150 during the mania, the USD value rose to $9.06 per staked SOL (0.0604 SOL × $150), a 43% increase from the pre-mania $6.33 (0.0633 SOL × $100).
Validators also distributed additional rewards from elevated MEV and priority fees, boosting returns for stakers in participating pools.

March 2025: Adjusted but Higher Than Pre-Mania
As staking stabilized at 410 million SOL, rewards settled at 0.0619 SOL per staked SOL, down 2.2% from pre-mania.
With SOL at $120, the USD value was $7.43 per staked SOL (0.0619 SOL × $120), a 17.4% increase over the pre-mania $6.33.
Sustained higher network fees ($0.12 vs. $0.10) provided a small additional boost to staking returns through shared fee revenue.

Conclusion: A Resilient Network and Stakers’ Gains
The memecoin mania of January 2025, which drove SOL near $300 and validators to massive fee windfalls, ultimately fortified Solana’s network. By March, activity stabilized 20% above pre-mania levels, and SOL held at $120, reflecting lasting adoption. Stakers faced a trade-off: lower SOL rewards per stake but higher USD gains due to the price increase.

During the mania: Stakers saw a 43% boost in USD rewards, despite a 4.6% drop in SOL rewards.
Post-mania: They retained a 17.4% USD gain, supported by elevated transaction fees.
An unexpected benefit also emerged: some users drawn by the memecoin hype stayed, contributing to sustained higher network fees and potentially bolstering long-term staking returns. Validators like Stronghold, with enhanced returns via MEV and block reward sharing, demonstrated how strategic participation amplified benefits. Backed by data from CoinDesk, Markets Insider, and Solana Beach, Solana’s post-mania landscape offers stakers a promising outlook.