- Solana network revenue has plummeted 93% from its mid-January peak of $55.3 million to just $4 million in the past week.
- DeFi total value locked on Solana has declined by nearly 50%, dropping from January’s high of $12 billion to approximately $6.4 billion currently.
- The collapse coincides with fading memecoin interest, with the broader memecoin market cap falling 68% from its December peak of $137 billion to $44 billion.
Solana’s financial metrics have suffered a dramatic downturn as the recent memecoin frenzy loses steam. Network revenue has crashed 93% from January highs, returning to levels not seen since September 2023, while decentralized finance activity shows significant contraction across multiple indicators.
Data from DefiLlama reveals Solana’s weekly network revenue hit an all-time high of $55.3 million during mid-January’s memecoin minting boom but has since collapsed to approximately $4 million in the past week, according to the analytics platform.
The decline extends beyond Base Network fees. Weekly decentralized application (DApp) revenue on Solana has similarly contracted by roughly 86%, falling from $238 million at January’s peak to just $32 million over the past week.
The blockchain’s DeFi ecosystem shows parallel deterioration, with total value locked (TVL) dropping nearly 50% from its January high of over $12 billion to current levels hovering around $6.4 billion.
According to a March 5 report by VanEck, memecoin trading on platforms like Pump.fun comprised approximately 80% of Solana’s blockchain revenues during the boom. Pump.fun itself has experienced a 95% revenue decline, falling from $15 million daily in late January to just $800,000 on March 7, according to Dune Analytics data.
CoinGecko founder Bobby Ong identified a specific turning point in the memecoin market, stating on March 6: “The launch of TRUMP and MELANIA marked the top for memecoins as it sucked liquidity and attention out of all the other cryptocurrencies.”
These Trump-related tokens launched in January (TRUMP on January 18 and MELANIA on January 20) have themselves suffered significant losses. TRUMP has fallen 86% from its peak to $10.50, while MELANIA has collapsed 95% in seven weeks to just $0.71.
The broader memecoin sector hasn’t escaped the downturn. Total memecoin market capitalization has plunged 68% from its December peak of $137 billion to $44 billion, according to CoinMarketCap data.
Solana’s native token (SOL) has mirrored this decline, falling 58% from its mid-January all-time high of $293. At the time of reporting, SOL traded at $122, down an additional 5% in the most recent 24-hour period.
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