The revenue generated by Solana’s network and the trading volume on its decentralized exchanges (DEXs) have significantly declined in recent months as interest in memecoins diminishes.
This drop correlates closely with the decrease in activity on Pump.fun, a prominent memecoin launchpad that had previously driven a spike in network engagement.
In January, during the peak of the memecoin frenzy, Solana’s weekly revenue reached an impressive $55.2 million as traders flocked to the platform. However, recent data indicates a dramatic 97% reduction, with revenues now down to a mere $1.8 million—marking the lowest figure since September 2024.
This significant drop in revenue comes on the heels of a substantial reduction in trading volume. Solana’s weekly trading activity has plummeted from over $97 billion at its peak to around $5 billion, indicating a waning enthusiasm for speculative memecoins.
This flurry of activity generated substantial fees, which greatly contributed to Solana’s soaring revenue. Nevertheless, as enthusiasm for memecoins has diminished, Pump.fun has experienced a severe drop in token launches.
The change has been striking. An analyst highlighted that the platform recently went a full 24-hour period without any new tokens being launched—a stark contrast to the frenetic pace just months earlier.
This reduction in activity has severely impacted Pump.fun’s earnings, with weekly protocol fee revenue falling to $3.8 million as of March 16—its lowest point since September 2024.
