According to CryptoQuant, Solana’s daily transactions have fallen nearly 50% since July 24, 2025 — from around 125 million to 64 million. Interestingly, SOL’s price rose over the same period. This divergence between price and network use suggests the rally might be fueled more by market hype than by real demand on-chain.
It’s unclear what’s behind the slowdown — maybe tweaks to Solana’s voting transactions system, or simply fewer users in DeFi and NFTs. If it’s the latter, that could be a red flag for the rally’s strength.
Meanwhile, BscScan shows BNB Chain buzzing with activity — over 31 million transactions and 94,000 new smart contracts in just 24 hours. Much of this excitement ties to Binance’s new Meme Rush launchpad, rolled out on October 9, 2025. It lets early memecoin projects go live quickly and climb Binance’s ranking list — effectively turning BNB Chain into the new playground for meme speculation.
There’s no hard proof that capital is flowing from Solana to BNB Chain yet, but the timing between Solana’s activity drop and Binance’s meme boom hints that the market might already be shifting direction.