Solana’s total value locked has fallen 50% in two months

What’s new? Revenue and total value locked (TVL) of the Solana blockchain have fallen sharply over the past two months as a result of declining interest in meme tokens. Solana’s weekly revenue hit a record $55,3 million in mid-January amid the hype surrounding meme coins, but since then the figure has fallen 93% to about $4 million, back to levels seen last September, according to data from DefiLlama.

DeFiLlama data

What else is known? Weekly revenue for Solana-powered decentralized apps (dApps) also fell 86%, from $238 million in mid-January to $32 million in the last week. The total value of assets locked in DeFi protocols on Solana also dropped nearly 50% over the same period: from $12 billion to $6,4 billion.

According to a March 5 report from analysts at investment firm VanEck, 80% of the Solana network’s revenue comes from meme token trading, mostly on Pump.fun, the ecosystem’s largest launchpad.

Pump. fun meme token daily trading volume has fallen by 94% since January

The share of successfully listed coins on Raydium fell to 0,83%

Read more

Pump.fun’s daily revenue peaked at $15 million in late January, but by March 7, it had dropped 95% to $800 000, according to analytics platform Dune.

Meme coin mania peaked when Donald Trump and First Lady Melania launched their own tokens TRUMP and MELANIA on January 18 and January 20, respectively, ahead of the inauguration.

As Bobby Ong, the founder of the crypto market data aggregator CoinGecko, noted in a March 6 report, “The launch of TRUMP and MELANIA marked the top for meme coins as it sucked liquidity and attention out of all the other cryptocurrencies.”

CoinGecko: Failed launches and fraud have killed investor interest in meme tokens

Between January and February, trading volume on Pump. fun, the largest meme token launchpad on the Solana network, fell by 63%

Read more

Both tokens rose sharply after launch but fell in the following days. TRUMP is now down 86% from its peak of $10,5, while MELANIA has lost 95% in seven weeks and is trading at $0,71.

The total market capitalization of meme tokens peaked at $137 billion in December but has since fallen 68% to $44 billion, according to aggregator CoinMarketCap.

The value of the Solana (SOL) native token has also fallen 58% from its all-time high of $293 in mid-January. The asset ranks sixth in the overall ranking of cryptocurrencies by market capitalization after bitcoin, Ethereum, USDT, XRP, and BNB and is trading at $124.