Solana Sees 97% Revenue Drop as Memecoin Craze Cools

28-04-2025
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Solana network revenue and decentralized exchange (DEX) trading volume have plummeted in recent months as memecoin hype wanes. Against this backdrop, the slowdown of Pump.fun – the memecoin launch platform that played a key role in driving network activity – has contributed significantly to the decline of the Solana ecosystem.

The Meltdown of the Memecoin Hype
At its peak in January 2025, Solana’s weekly revenue reached $55.2 million as traders flocked to the network to take advantage of speculative opportunities in memecoin. However, according to data from DeFiLlama, revenue has now dropped 97% to just $1.8 million this week – the lowest since September 2024.

This sharp decline is also reflected in DEX trading volumes. Total weekly trading value has dropped from over $97 billion at its peak to just $5 billion, indicating a marked decline in speculative inflows into the Solana ecosystem.

Pump.fun No Longer Sustaining Strong Activity
Pump.fun was once a major driving force behind the Solana ecosystem by allowing users to easily create and launch memecoins. In January, the platform saw around 1.7 million tokens launched per day, with some of them successfully listed on DEXs.

The high trading volume has helped Pump.fun rake in millions of dollars in fees, directly contributing to the Solana revenue explosion. However, as the memecoin hype died down, activity on the platform plummeted.

According to Matthew Haddad of Omni Network, Pump.fun recently recorded a 24-hour period where no tokens “graduated” – that is, no tokens were eligible to be transferred to the DEX. This is a significant change from previous months, when hundreds of memecoins were launched every day.

Network Revenue Decline
The slowdown at Pump.fun has had a direct impact on Solana ecosystem revenues. According to data from DeFiLlama, Pump.fun’s weekly protocol fee revenue dropped to $3.8 million as of March 16 – its lowest level since September 2024.

The decline of the memecoin craze raises questions about Solana’s ability to maintain its growth momentum going forward. As investors turn their attention to other opportunities, the network may need a new impetus to boost operations and restore revenue.