In March alone, it introduced three separate bills that would create an oil-backed stablecoin, allow state officials to invest state funds in crypto and set up a blockchain pilot program for the state’s Department of Information Resources. Solana ecosystem faces 99% decrease in revenueA number of high-profile scandals, including one involving the President of Argentia Javier Milei, have begun to scare investors out of the memecoin space. With most issuances happening on the Solana network, this exodus of traders has seen a 99% decrease in revenues from their high of $15 million on Jan.19, to just $119,000 at publishing time. March also saw a continued downtrend in decentralized exchange volume generated onchain and daily active addresses.
The fund saw a mixed bag in March, with many of the altcoins in its portfolio, like Mint (MNT) and Tron (TRX), trading at or below where they started the month. Crypto and traditional financial have been on a downward trend at the end of March as traders brace for “Liberation Day” on April 2, when Trump has promised to levy dollar-for-dollar tariffs on all countries that have tariffs on US goods.
DEX volumes in March have steadily declined from $3.9 billion on March 2 to $782 million at publishing time. Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plungeAt the end of February, Messari analyst Sunny Shi highlighted the “memecoin economy” composing much of the Solana ecosystem’s value.
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