Solana Tokens Lose $157B in 2025, The Largest Dollar-Value Drop in the Chain’s History

After a four-year price rally, only shortly interrupted by the crypto market crash in 2022, Solana tokens are ending of their most challenging years yet. As the broader market slid into a prolonged downturn, investors pulled back from risk assets, triggering a wave of sell-offs across major tokens, including SOL. This left many Solana-based projects with heavy losses, dragging down the ecosystem’s overall valuation far below where it was just a year ago.

According to data presented by TechGaged.com, Solana tokens collectively lost more than $157 billion in 2025, the largest dollar-value drop in the chain`s history.

The 2025 Crash Is $40 Billion Deeper Than the 2022 Decline

Solana and the tokens built on its blockchain have had a few pretty fantastic years. The world’s seventh-largest cryptocurrency ended 2024 with a 105% year-over-year return, ranking among the best performers in the top 20 group. This strong performance was followed by a surge in network activity, with the number of active addresses jumping nearly sixfold and hitting an all-time high of 176 million last November.

Solana tokens also grew in popularity because the SOL blockchain offers fast transactions, low fees, and a developer-friendly environment, making it a popular platform for NFTs, DeFi, gaming projects, and a wave of new token launches, especially during the meme coin boom of 2024–2025. As projects and users flocked to the network`s high performance and low costs, Solana cemented its role as one of the fastest-growing token ecosystems in crypto, and the total market cap of Solana-based tokens skyrocketed.

And while it seemed that 2025 would be another successful year for these projects, things took a sharp turn in mid-March, and the market hasn’t recovered since. The CoinMarketCap data show just how deep this plunge was.

Ever since CoinMarketCap started tracking their market cap, Solana tokens have spent most years deep in the green, with 2022 as the only exception, at least until now. In 2021, their combined market cap skyrocketed by a whopping 1,730%, adding over $170 billion in value.

After a 59% plunge in 2022, following the broader market crash, Solana tokens quickly bounced back, growing by 112% to roughly $160 billion in 2023. Last year brought another triple-digit growth, with their market cap jumping by another 105% to almost $330 billion in December. By late January, this figure exploded to an all-time high of $890 billion, rising 169% in less than a month.

What happened next was a major shock for a market used to double and triple-digit growth rates. The crypto market downturn in Q1 pushed Solana’s market cap to $146 billion by the end of the quarter, marking a sixfold drop in just two months. And while the broader market recovered in Q2 and Q3, Solana tokens hovered around the $200 billion mark- barely a third of their value at the end of 2024.

The downturn continued in Q4, with their market cap sliding by another $100 billion to $172 billion at the time of writing, resulting in a massive $157.2 billion annual loss – the largest dollar-value drop this market has ever seen.

While the 2022 decline was worse in percentage terms, with the market cap of SOL tokens falling 59% that year compared with 49% in 2025, the dollar-value loss was still $40 billion smaller, standing at roughly $111 billion.

Only Two of the Top 20 Solana Tokens Are Ending 2025 in the Green

While it’s reasonable to assume that most major SOL tokens took a serious hit after the market lost over $157 billion in value, a closer look at their annual performance is still quite shocking. The CoinMarketCap data shows that only two of the top 20 SOL tokens by market cap are ending 2025 in the green.

Pippin, launched in May this year, is the clear winner, with a massive 5,181% gain at the time of writing, followed by the Official Trump, which is up 307% since its January launch. All other major SOL tokens are closing the year deep in the red, with year-over-year losses ranging from 36% to 83%.