Solana Revenues Plummet 93% From Peak as Meme Coin Fever Cools

Solana has seen a steep decline in its network revenue and on-chain total deposited assets (TVL) over the past two months as interest in the meme coin gradually wanes.
According to DefiLlama data, the Solana blockchain's weekly network revenue hit an all-time high of 553 billion in mid-January, at the height of the meme coin issuance boom.
It has since fallen 93% to about $4 million last week, the lowest figure since September of last year.
Solana’s weekly decentralized application (DApp) revenue also increased from $238 million in mid-January to $1.
The week's $32 million was a drop of about 86%. Meanwhile, Solana's total deposits have fallen nearly 50% over the same period, from a high of $12 billion in January to about $6.4 billion today.
Investment firm VanEck said in a March 5 report that roughly 80% of Solana Blockchain's revenue comes from meme coin transactions, primarily occurring on its Pump.fun platform.
According to data from Dune Analytics, Pump.fun's daily revenue peaked at $15 million in late January but has since fallen 95% to just $1.2 billion as of March 7.
It has now fallen to the $800,000 level.