Source: DeFillamaMemecoin trading, primarily on the Pump.fun platform comprises roughly 80% of the Solana blockchain’s revenues, according to a March 5 report by VanEck. Pump.fun daily revenue hit a peak of $15 million in late January but has since slumped by around 95% to $800,000 on March 7, according to data from Dune Analytics. 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.“The launch of TRUMP and MELANIA marked the top for memecoins as it sucked liquidity and attention out of all the other cryptocurrencies,” said CoinGecko founder Bobby Ong on March 6. Both tokens surged following their launches but dumped in the days that followed.
Solana network revenue and total value locked onchain have collapsed in the past two months as interest in memecoins has continued to taper off. 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. However, revenue has since tanked 93% to around $4 million in the past week, back to levels not seen since September, according to DeFillama data. Solana weekly decentralized application (DApp) revenue has also slumped around 86% from $238 million in mid-January to $32 million for the past week. 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. Solana weekly revenue and TVL.
Related: Solana down 45% since Trump token launch as memecoins divert liquidityMemecoin market cap hit a peak of $137 billion in December but has since tanked 68% to $44 billion, according to CoinMarketCap. Memecoin market cap meltdown.
or
Share This Story
Article Details
Author / Journalist: Cointelegraph by Martin Young
The story "Solana revenue slumps 93% from January high after memecoin bubble bursts" has 397 words across 15 sentences, which will take approximately 2 - 4 minutes for the average person to read.
Which news outlet covered this story?
The story "Solana revenue slumps 93% from January high after memecoin bubble bursts" was covered 1 days ago by Coin Telegraph, a news publisher based in United States.
How trustworthy is 'Coin Telegraph' news outlet?
Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United States and publishes an average of 683 news stories per day.
It's most recent story was published 8 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
