In January 2025, the crypto market experienced a recovery in market cap, reaching $3.76 trillion, due to the change in U.S. administration and potential pro-crypto regulations. However, the emergence of the AI app DeepSeek caused heightened volatility in the market, which continued into February. The departure of the former head of the SEC led to a new wave of crypto ETF filings, with 47 active filings in the United States. The rise of meme coins and token launchpads led to the creation of over 37 million assets, with analysts predicting 100 million cryptocurrencies in circulation by the end of 2025. The influx of new tokens has divided capital and made it challenging for tokens to maintain prices and reach high valuations. However, certain sectors like decentralized finance AI (DeFAI) remain robust and attract capital. Solana's decentralized exchange (DEX) volumes have surpassed Ethereum's since October 2024, particularly in meme coin and AI agent narratives. The Solana-to-Ethereum DEX volume ratio reached an all-time high of over 300% in the previous month.



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