Solana Network Revenue and Total Value Locked Onchain have collapsed in the past two months as interest in MemeCoins continues to tapered.
The Solana blockchain’s weekly network revenues hit a record high of $55.3 million in mid-January amid the heights of Memecoin Minting Frenzy.
However, according to data from Defilama, revenues have increased from 93% to around $4 million over the past week to around $4 million.
Solana Weekly Week-Sentralized Application (DAPP) revenue fell approximately 86% from $238 million in mid-January to $32 million in the past week.
Meanwhile, the total value of Solana locked Defi has fallen nearly 50% over the same period, falling from its January high of over $12 billion to about $6.4 billion.
Solana Weekly Revenue and TVL. sauce: defill
According to a report from Vaneck on March 5th, MemeCoin Trading mainly on the Pump.Fun platform.
According to data from Dune Analytics, Pump.Fun Daily revenue peaked at $15 million in late January, but fell approximately 95% to $800,000 on March 7th.
Memocoin Mania reached its peak when Donald Trump launched his own token of the same name (Trump) on January 18th, and soon his wife Melania launched Melania on January 20th.
“The launch of Trump and Melania marked the top of Memocoin as they inhaled the liquidity and attention of all other cryptocurrencies,” said Bobby Ong, founder of Coingecko on March 6th.
Both tokens surged after release, but were discarded the following day. Trump is currently down 86% from its peak and is trading at $10.50, while Melania collapsed 95% to $0.71 in just seven weeks.
Related: Trump Token reuses Memecoins so 45% down 45%
According to CoinmarketCap, MemeCoin’s market capitalization peaked at $137 billion in December, but has since tanked $440 billion to 68%.
Memecoin Marken Cap Meltdown. sauce: coinmarketcap
Solana (Sol) prices have also been abused over the past few weeks, down 58% from the all-time high of $293 in mid-January. The assets fell an additional 5% that day, trading at $122 at the time of writing.
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