Solana network revenue and total onchain -locked amounts have collapsed over the last two months as interest in Memecoins continues to tapper.
The weekly network income in Solana Blockchain struck a record of $ 55.3 million in mid -January amidst the height of the Memecoin Minting Frenzy.
However, the income has been from 93% to nearly $ 4 million in the past week, back to levels that are not visible since September, According to in defillama data.
The Solana Weekly Decentralized Application (DAPP) revenue also fell to around 86% from $ 238 million in mid -January to $ 32 million for last week.
Meanwhile, the DeFI total amount locked in Solana also refused nearly 50% at the same time, falling from a high January of over $ 12 billion to current levels of nearly $ 6.4 billion.
Solana Weekly Revenue and TVL. Source: Delete
Memecoin trading, especially on the pump.fun platform consists of almost 80% of solana blockchain revenues, According to In a March 5 report by Vaneck.
Pump.Fun Early -day income Hit a peak of $ 15 million in late January but since the fall of nearly 95% to $ 800,000 on March 7, According to in data from dune analytics.
Memecoin Mania sank when Donald Trump launched his own name of the token (Trump) on January 18, later followed by his wife Melania, who launched Melania on January 20.
“The launch of Trump and Melania marked the top for memecoins as it absorbed liquidity and attention to all other cryptocurrencies,” Says Coingecko founder Bobby Ong on March 6.
Both tokens followed after their launch but were thrown in the days that followed. Trump is currently lowering 86% from its climax, trading at $ 10.50, while Melania collapses 95% in just seven weeks to $ 0.71.
Related: Solana Down 45% since the launch of the Trump’s token as Memecoins Divert Liquidity
The Memecoin Market Cap hit a peak of $ 137 billion in December but since the 68% to $ 44 billion, According to In coinmarketcap.
MEMECOIN MARKET CAP MELTDOWN. Source: CoinMarketCap
Solana (Sol) Prices have also gained a battering over the past few weeks, resulting in a 58% fall from their mid -January throughout the time of $ 293. The owner dropped an additional 5% during the day, trading at $ 122 at the time of writing.
Magazine: Bitcoin’s odds of June Highs, Sol’s $ 485M outflows, and more: Hodler’s Digest
