Solana's Revenue Plummets 90%, Dragging SOL Down With It

Solana’s Revenue Plummets 90%, Dragging SOL Down With It

The memecoin market is imploding, with Pump.fun also experiencing a significant drop. As a result, the turnover of the Solana network has plummeted by 90% since the peaks in January, back to levels we...

March 12th, 2025
Max Latupeirissa

The memecoin market is imploding, with Pump.fun also experiencing a significant drop. As a result, the turnover of the Solana network has plummeted by 90% since the January peaks, back to levels we haven’t seen since September. According to DeFiLlama, Solana (SOL) has only earned $4 million per week over the past two weeks – a pittance compared to the $38.5 million per week between January 13 and 27.

This revenue crash is due to a steep dip in fees. The network raked in an average of $8 million in fees over the past two weeks – the lowest since September. The memecoin mania, once a money-making machine, is now in ruins. Pump-and-dump giants like TRUMP, who raked in billions, and pure scams like LIBRA and ENRON have completely undermined confidence in the market. First, they sucked up liquidity like a vacuum cleaner, now they leave a hangover behind.

In addition, the broader market volatility is not helping. The Bitcoin price crashed to $76,000 – about 30% below its all-time high of $109,000 – and that’s felt everywhere. However, a glimmer of hope: Solana’s revenue is still higher than the meager $2 million per week at the end of summer 2024 (August 19 to September 16).

SOL and memecoins in free fall

The misery doesn’t stop at revenue. SOL itself took a massive hit: 60% down to $117 from its record of $261 on January 19. The crypto market sell-off and a series of token unlocks for investors, which started on March 1, are pushing the price further down. And the memecoins on Solana? They’re having an even harder time. Top performers like FARTCOIN, GOAT, and ARC lost 85% to 95% since their Q4 2024 peaks. Here’s 0xBreadGuy, a MegaEth insider, on X:

“People were high on their portfolio screenshots and blind to the exploitation tricks on Solana’s SVM memes. But after MELANIA and LIBRA, the illusion is gone – and so is the appetite for risk. On to the next fairy tale!”

The memecoin dream is over for many, and Solana is sinking with it. Will this signal the end of the Solana hype, or is there still hope? We’ll wait to see where the bottom lies.