Solana revenue drops significantly due to memecoin bubble burst, prices also fall.

From Cointelegraph

March 11, 2025 02:16 AM:

Solana network revenue and total value locked have plummeted in the past two months, dropping 93% to $4 million in weekly revenue and 86% to $32 million in DApp revenue. DeFi total value locked on Solana also fell by 50%, from $12 billion to $6.4 billion. Memecoin trading accounted for 80% of Solana’s revenue.

The decline in Solana’s revenue and TVL was attributed to the launch of memecoins like TRUMP and MELANIA, which caused a liquidity and attention drain from other cryptocurrencies. TRUMP is down 86% to $10.50, while MELANIA dropped 95% to $0.71 in just seven weeks. Memecoin market cap fell by 68% from $137 billion to $44 billion.

Solana’s prices also took a hit, falling 58% from their all-time high of $293 in mid-January. Currently trading at $122, SOL prices are down 5% on the day. The decline in Solana’s revenue and prices was triggered by the memecoin frenzy and subsequent market cap meltdown.

Read more at Cointelegraph: Solana revenue slumps 93% from January high after memecoin bubble bursts