{"id":17128,"date":"2025-03-11T06:31:35","date_gmt":"2025-03-11T06:31:35","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=17128"},"modified":"2025-03-11T06:31:35","modified_gmt":"2025-03-11T06:31:35","slug":"solana-revenue-slumps-93-from-january-high-after-memecoin-bubble-bursts","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=17128","title":{"rendered":"Solana revenue slumps 93% from January high after memecoin bubble bursts"},"content":{"rendered":"
\n

<\/p>\n<\/p>\n

\"Solana<\/p>\n

Solana network revenue and total value locked onchain have collapsed in the past two months as interest in memecoins has continued to taper off.\u00a0<\/p>\n

Weekly network revenue on the Solana blockchain hit a record high of $55.3 million in mid-January amid the height of the memecoin minting frenzy.\u00a0<\/p>\n

However, revenue has since tanked 93% to around $4 million in the past week, back to levels not seen since September, according<\/a> to DeFillama data.\u00a0<\/p>\n

Solana weekly decentralized application (DApp) revenue has also slumped around 86% from $238 million in mid-January to $32 million for the past week.\u00a0\u00a0<\/p>\n

Meanwhile, DeFi total value locked on Solana has also declined by almost 50% over the same period, falling from a January high of just over $12 billion to current levels of around $6.4 billion.\u00a0<\/p>\n

\"Solana
\n

Solana weekly revenue and TVL. Source: <\/em>DeFillama<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Memecoin trading, primarily on the Pump.fun platform comprises roughly 80% of the Solana blockchain\u2019s revenues, according<\/a> to a March 5 report by VanEck.\u00a0<\/p>\n

Pump.fun daily revenue<\/a> hit a peak of $15 million in late January but has since slumped by around 95% to $800,000 on March 7, according<\/a> to data from Dune Analytics.\u00a0<\/p>\n

Memecoin mania peaked when Donald Trump launched his own namesake token (TRUMP) on Jan. 18, shortly followed by his wife, Melania, who launched MELANIA on Jan. 20.<\/p>\n

\u201cThe launch of TRUMP and MELANIA marked the top for memecoins as it sucked liquidity and attention out of all the other cryptocurrencies,\u201d said<\/a> CoinGecko founder Bobby Ong on March 6.\u00a0<\/p>\n

Both tokens surged following their launches but dumped in the days that followed. TRUMP is currently down 86% from its peak, trading at $10.50, while MELANIA has collapsed 95% in just seven weeks to $0.71.<\/p>\n

Related: <\/strong><\/em>Solana down 45% since Trump token launch as memecoins divert liquidity<\/strong><\/em><\/a><\/p>\n

Memecoin market cap hit a peak of $137 billion in December but has since tanked 68% to $44 billion, according<\/a> to CoinMarketCap.\u00a0<\/p>\n

\"Solana
\n

Memecoin market cap meltdown. Source: <\/em>CoinMarketCap<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Solana (SOL<\/a>) prices have also taken a battering over the past few weeks, resulting in a 58% fall from their mid-January all-time high of $293. The asset was down a further 5% on the day, trading at $122 at the time of writing.\u00a0<\/p>\n

Magazine: <\/strong><\/em>Bitcoin\u2019s odds of June highs, SOL\u2019s $485M outflows, and more: Hodler\u2019s Digest<\/strong><\/em><\/a><\/p>\n