Gate Research: AI Narrative Drives Capital Back to High-Activity Chains as Solana Meme Issuance Rebounds｜Web3 On-Chain Data Insights for January 2026

In January 2026, the public chain landscape showed structural reallocation rather than an overall cooldown, with on-chain activity concentrating in high-frequency and high-efficiency networks. Solana maintained strong activity levels, Ethereum reinforced its role as a settlement layer, and Base expanded on the back of narrative-driven momentum, while some traditional L2s and sidechains weakened. Market capital allocation logic is increasingly shifting toward real usage efficiency. On Bitcoin, price action continues to oscillate around the short-term holder cost basis, with profit-taking cooling and selling pressure easing. Stress remains concentrated among short-term holders, while long-term holder structure stays intact, suggesting a mid-cycle consolidation rather than a trend reversal. At the project level, the rebound in Solana meme activity has reignited launchpad ecosystems. Pump.fun remains dominant, while Bags App has scaled rapidly through its novel “donation-driven” mechanism, leaving the sector in a highly competitive and experimental phase. On the token side, $CC’s recent rise appears to be a structural recovery following a prolonged drawdown. It has now entered a high-level consolidation range, with future price action still primarily driven by trading structure and volume dynamics.

• Overall On-Chain Conditions: In January 2026, a combination of core on-chain indicators suggests that overall network usage has not meaningfully cooled, but has instead entered a phase of structural reallocation. On-chain activity is increasingly concentrating on high-frequency, high-efficiency networks. Solana continues to maintain elevated activity levels and transaction density, while Ethereum reinforces its role as a high-value settlement and asset orchestration layer. Base experienced phase-driven expansion under narrative catalysts, whereas several legacy Layer 2s and sidechains saw a clear deterioration in activity and value capture. Capital flows and usage metrics mutually reinforce this shift, indicating that allocation logic is moving away from macro narratives toward actual network efficiency and transaction capacity. Public-chain competition is therefore transitioning from scale expansion to efficiency and real usage intensity.
• BTC Key Indicator Analysis: Short-term price structure remains weak with insufficient rebound momentum, yet on-chain indicators point more toward a “high-level cooling” phase rather than a trend reversal. Price continues to oscillate around the short-term holder cost basis, reflecting ongoing digestion and redistribution of previously accumulated high-level supply. Profit-taking momentum has declined markedly, with sell pressure shifting from concentrated realization to gradual absorption. Structural pressure remains concentrated among short-term holders, while long-term holder positioning stays intact, placing the market in a consolidation and rebalancing phase rather than a broader structural downturn.
• Highlighted Project Data Overview: The recent rebound in Solana-based Meme activity has reignited issuance-platform ecosystems. Pump.fun remains the dominant player, while Bags App has rapidly scaled through its “donation-forced” mechanism, creating a dual-track landscape where large-scale incumbent platforms and experimental mechanism-driven platforms are validated in parallel. While this model enhances social propagation and narrative amplification, it also carries elevated risks of brand controversy and high project attrition, leaving the sector firmly in a high-friction, exploratory stage.
• Highlighted Token Data Overview: The recent appreciation in $CC is best characterized as a structural recovery following an extended deep drawdown. Against a backdrop of weakness in major assets, its price channel has remained relatively orderly, with sentiment building at a measured pace. Price action has been jointly driven by trend-following and swing-oriented capital flows. At present, the token has entered a high-level consolidation range, with market behavior still predominantly dictated by trading structure; sustainability will depend on follow-through volume and broader risk appetite.

Discover more details today → Gate Research: AI Narrative Drives Capital Back to High-Activity Chains as Solana Meme Issuance Rebounds｜Web3 On-Chain Data Insights for January 2026

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Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.

Gate Team
February 12, 2026

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