Solana’s Memecoin Bubble Pops: Revenue Plummets!

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Oh, dear! It appears the Solana network has had a rather tumultuous time of late. Revenue and total value locked onchain have taken a rather nasty spill as interest in memecoins has decided to bugger off. 😂

In the midst of the memecoin minting frenzy, weekly network revenue on the Solana blockchain soared to a record high of $55.3 million in mid-January. But, oh, how the mighty have fallen! 📉

Since then, revenue has tanked a whopping 93% to a mere $4 million in the past week. It’s like going from a grand ball to a garden party with a single guest. 🎉👻

And if that wasn’t enough, Solana weekly decentralized application (DApp) revenue has also slumped around 86%. From $238 million to $32 million—now, that’s what I call a dramatic exit. 🚀🌚

Meanwhile, DeFi total value locked on Solana has also declined by almost 50%. From a high of over $12 billion to a mere $6.4 billion. It’s like watching a balloon deflate before your very eyes. 🎈👀

Now, for the juicy bit: Memecoin trading, primarily on the Pump.fun platform, comprises roughly 80% of the Solana blockchain’s revenues. But don’t get too excited; it’s all gone rather pear-shaped. 🍐

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. Talk about a rollercoaster ride! 🎢

The memecoin mania reached its zenith when Donald Trump launched his own token (TRUMP), followed by Melania’s MELANIA. And then, it all went downhill. Rather like a skier without skis. 🏂🤷‍♀️

“The launch of TRUMP and MELANIA marked the top for memecoins,” said CoinGecko founder Bobby Ong. It seems they sucked the life out of all other cryptocurrencies. 🙄

Both tokens surged initially but then dumped like a hot potato. TRUMP is down 86% from its peak, and MELANIA has collapsed 95% in just seven weeks. Talk about a rollercoaster! 🎢👎

Memecoin market cap hit a peak of $137 billion in December but has since tanked 68% to $44 billion. It’s like watching a piñata burst, only less fun. 🎈👎

And finally, Solana (SOL) prices have taken a battering over the past few weeks, falling 58% from their mid-January all-time high. It’s like watching a house of cards collapse. 🏚️

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2025-03-11 09:40