Solana revenue slumps 93% from January high after memecoin bubble bursts

Solana web gross and full worth locked onchain person collapsed successful the past 2 months arsenic involvement successful memecoins has continued to taper off. 

Weekly web gross connected the Solana blockchain deed a grounds precocious of $55.3 cardinal successful mid-January amid the tallness of the memecoin minting frenzy. 

However, gross has since tanked 93% to astir $4 cardinal successful the past week, backmost to levels not seen since September, according to DeFillama data. 

Solana play decentralized exertion (DApp) gross has besides slumped astir 86% from $238 cardinal successful mid-January to $32 cardinal for the past week.  

Meanwhile, DeFi full worth locked connected Solana has besides declined by astir 50% implicit the aforesaid period, falling from a January precocious of conscionable implicit $12 cardinal to existent levels of astir $6.4 billion. 

Solana play gross and TVL. Source: DeFillama

Memecoin trading, chiefly connected the Pump.fun level comprises astir 80% of the Solana blockchain’s revenues, according to a March 5 study by VanEck. 

Pump.fun daily revenue deed a highest of $15 cardinal successful precocious January but has since slumped by astir 95% to $800,000 connected March 7, according to information from Dune Analytics. 

Memecoin mania peaked erstwhile Donald Trump launched his ain namesake token (TRUMP) connected Jan. 18, soon followed by his wife, Melania, who launched MELANIA connected Jan. 20.

“The motorboat of TRUMP and MELANIA marked the apical for memecoins arsenic it sucked liquidity and attraction retired of each the different cryptocurrencies,” said CoinGecko laminitis Bobby Ong connected March 6. 

Both tokens surged pursuing their launches but dumped successful the days that followed. TRUMP is presently down 86% from its peak, trading astatine $10.50, portion MELANIA has collapsed 95% successful conscionable 7 weeks to $0.71.

Related: Solana down 45% since Trump token motorboat arsenic memecoins divert liquidity

Memecoin marketplace headdress deed a highest of $137 cardinal successful December but has since tanked 68% to $44 billion, according to CoinMarketCap. 

Memecoin marketplace headdress meltdown. Source: CoinMarketCap

Solana (SOL) prices person besides taken a battering implicit the past fewer weeks, resulting successful a 58% autumn from their mid-January all-time precocious of $293. The plus was down a further 5% connected the day, trading astatine $122 astatine the clip of writing. 

Magazine: Bitcoin’s likelihood of June highs, SOL’s $485M outflows, and more: Hodler’s Digest