Solana's blockchain has seen a significant drop in revenue and activity as the memecoin frenzy dies down. Weekly network income fell 93% from a mid-January high of $55.3M to just $4M. DApp revenue decreased 86% to $32M during the same period.
Solana DeFi's entire worth fell from $12B to $6.4B. Memecoin trading, particularly on Pump.fun, generated 80% of Solana's revenue. However, Pump.fun's daily revenue fell 95% from $15M to $800,000.
In January, the TRUMP and MELANIA tokens were launched, capping off the memecoin fever. These two tokens represented the pinnacle, draining liquidity from other coins. TRUMP has lost 86% of its value, while MELANIA has lost 95%. The overall memecoin market cap plummeted 68% from $137B to $44B. Solana's price also suffered, falling 58% from its all-time high of $293 to $122.
This downturn highlights the volatile nature of memecoin-driven markets and their impact on blockchain ecosystems like Solana. Will they come back in the near future? It remains to be seen.
