The memecoin season ran out of buyers, not tokens.

I was shocked to see these 2 charts contradicting each other.
New token launches are near all-time highs, while active traders keep declining.
Thousands of tokens are launching daily into a market that lost almost all its participants.
This imbalance produces side effects:
→ Liquidity gets split across hundreds of tokens
→ Launches struggle to stay afloat
→ Narratives die faster because attention cycles have gotten shorter
Fewer traders = less money coming in = low volume →= harder PvP for smaller returns
At the mid-2025 peak, Solana alone had 30M+ active wallets.
It's brutal for traders trying to time this.