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Author: Martin Young, CoinTelegraph; Compiled by: Deng Tong, Bitchain Vision
As interest in memecoin continues to weaken, Solana’s network revenue and the total value of on-chain lockdown has dropped significantly in the past two months.
Weekly network revenue on the Solana blockchain hit a record high of $55.3 million in mid-January as the memecoin casting craze peaked.
However,According to DefiLlama, Solana revenue has plummeted 93% to about $4 million in the past week, returning to its lowest level since September.
Solana’s weekly decentralized apps (DApp) revenue also plummeted about 86% from $238 million in mid-January to $32 million in the past week.
Meanwhile, the total value of DeFi locked on Solana also fell by nearly 50% during the same period, falling from a high of just above the $12 billion in January to about $6.4 billion now.
Solana’s weekly income and TVL.Source: DefiLlama
According to a report by VanEck on March 5, Memecoin transactions are mainly conducted on the Pump.fun platform, accounting for about 80% of Solana’s blockchain revenue.
Pump.fun’s daily revenue peaked at $15 million at the end of January, but has since plummeted about 95% to $800,000 on March 7, according to Dune Analytics.
Memecoin fanaticism peaked when Donald Trump launched his own token of the same name (TRUMP) on January 18, followed by his wife Melania’s launch of MELANIA on January 20.
“The launch of TRUMP and MELANIA marks the pinnacle of memecoin as it sucks away liquidity and attention from all other cryptocurrencies,”CoinGecko founder Bobby Ong said on March 6.
Both tokens soared after launch, but were sold out in a few days.Currently, TRUMP’s currency price has fallen 86% from its peak and traded at $10.50, while MELANIA’s currency price has fallen 95% to $0.71 in just seven weeks.
Memecoin’s market cap peaked at $137 billion in December, but has since fallen 68% to $44 billion, according to CoinMarketCap.
Memecoin’s market value collapsed.Source: CoinMarketCap
SOL prices have also suffered a heavy blow in the past few weeks, down 58% from an all-time high of $293 in mid-January.The asset fell further 5% on the day, trading at $122 as of this writing.
