Solana’s Network Revenue and DEX Volume Plunge Amid Memecoin Slowdown
Solana, known for its high network activity and decentralized exchange (DEX) volume, has experienced a significant decline in recent months as the memecoin hype fades away.
Decrease in Revenue
- During the peak of the memecoin craze in January, Solana’s weekly revenue reached $55.2 million.
- However, data from DeFiLlama shows a 97% decline, with revenue dropping to just $1.8 million this week.
- This is the lowest level of revenue seen since September 2024.
Decline in Trading Volume
- Solana’s weekly trading volume has plummeted from over $97 billion at its peak to just $5 billion.
- This reflects a waning interest in speculative memecoins.
Pump.fun’s Impact
- During the height of the memecoin frenzy, Pump.fun facilitated the launch of 1.7 million tokens daily.
- However, as interest in memecoins cooled down, Pump.fun saw a drastic decline in token launches.
- This has directly affected Pump.fun’s earnings, with weekly protocol fee revenue dropping to $3.8 million as of March 16.
