Solana Weekly Earnings Plunge 93% from January Peak as Meme Coin Bubble Bursts

BlockBeats News, March 11th, according to Cointelegraph, Solana's weekly revenue dropped to $4 million last week, a 93% decrease from the $55 million peak during the January Meme coin frenzy. Over the past two months, as market interest in Meme coins has continued to decline, Solana's network revenue and total value locked (TVL) have plummeted.

According to DefiLlama data, Solana blockchain's weekly network revenue hit a record high of $55.3 million during the mid-January Meme coin minting frenzy peak. However, the revenue has since plummeted by 93%, reaching only $4 million in the past week, returning to a low not seen since September last year.

Solana's weekly decentralized application (DApp) revenue has also significantly decreased, dropping from $238 million in mid-January to $32 million in the past week, an approximately 86% decline. Meanwhile, Solana's DeFi total value locked (TVL) has also fallen by nearly 50% during the same period, dropping from a January peak of over $12 billion to its current approximately $6.4 billion.