Solana Revenue and TVL Plunge as Memecoin Mania Fades

Interest in Solana’s memecoin-driven surge has sharply declined, causing network revenue and total value locked (TVL) to plummet over the past two months.

Solana’s weekly network revenue hit a record $55.3 million in mid-January, fueled by a memecoin minting frenzy. However, since then, revenue has collapsed by 93% to just $4 million last week, marking levels not seen since September, according to DefiLlama data.

Similarly, decentralized application (DApp) revenue on Solana has nosedived 86%, falling from $238 million in January to $32 million last week.

Meanwhile, Solana’s DeFi TVL has dropped by nearly 50%, shrinking from $12 billion in January to around $6.4 billion.

Memecoin Trading Dominated Solana’s Revenue

Memecoin trading—primarily on the Pump.fun platform—accounted for roughly 80% of Solana’s total revenue, according to a March 5 report from VanEck.

📉 Pump.fun’s daily revenue hit a $15 million peak in late January
📉 Now down 95% to just $800,000 as of March 7

The memecoin frenzy peaked when Donald Trump launched his TRUMP token on Jan. 18, followed by Melania Trump’s MELANIA token on Jan. 20.

“The launch of TRUMP and MELANIA marked the top for memecoins as it sucked liquidity and attention out of all the other cryptocurrencies,” said CoinGecko founder Bobby Ong on March 6.

Both tokens initially surged post-launch, only to crash soon after:

🔻 TRUMP is down 86% from its peak, now trading at $10.50
🔻 MELANIA has plunged 95% in just seven weeks, trading at $0.71

Memecoin Market Cap Shrinks by 68%

The total memecoin market cap hit $137 billion in December but has since tanked 68% to $44 billion, according to CoinMarketCap.

Solana Price Follows the Decline

Solana’s native token SOL has also suffered heavy losses.

📉 SOL price has fallen 58% from its mid-January all-time high of $293
📉 Trading at $122, down another 5% on the day

With memecoin hype fading, Solana’s reliance on speculative trading is being tested, leaving questions about its long-term sustainability.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Bullish Times is a marketing agency committed to providing corporate-grade press coverage and shall not be liable for any loss or damage arising from reliance on this information. Readers should perform their own research and due diligence before engaging in any financial activities.

Cairo Arévalo

A dedicated innovation focused professional with a strong background in business development. Enthusiastic NFT collector passionate about blockchain technology and its implementations, and committed to delivering engaging tech-related content. Involved in crypto since 2014.

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