Solana (SOL-USD) is feeling the aftershock of the memecoin boom-and-bust cycle. After peaking at $55.3 million in weekly revenue in January, the network has seen a staggering 93% drop to just $4 million, according to DefiLlama. Decentralized application (DApp) revenue is also down 86%, and total value locked (TVL) on the blockchain has nearly halved to $6.4 billion.
Memecoin Hype Vanishes
Much of Solana’s revenue came from memecoin trading, with platforms like Pump.fun driving 80% of transaction fees. However, that hype has faded fast. Pump.fun’s daily revenue, which hit $15 million in January, has plummeted 95% to just $800,000. The peak of this mania coincided with Donald Trump and Melania launching their own tokens, but both have since collapsed—TRUMP is down 86%, and MELANIA has nosedived 95%.
Solana’s Price Struggles
SOL hasn’t escaped the carnage. It has fallen 58% from its all-time high of $293 and just dipped below its realized price of $134 for the first time since May 2022. With the average holder now underwater, panic selling could intensify unless key support levels hold. At the time of writing, Solana is sitting at $123.95.
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