Solana's network revenue and DEX volume plummet as memecoin hype fades

This downturn is largely tied to the slowdown of Pump.fun, a major memecoin launchpad that once fueled a surge in network activity.

Solana's network revenue and decentralized exchange (DEX) volume have plummeted in recent months as the hype around memecoins fades and major memecoin launchpad Pump.fun slows down.

At the height of the memecoin craze in January, Solana's weekly revenue peaked at $55.2 million as traders flocked to the network, largely due to Pump.fun's activity. However, revenue has since dropped to just $1.8 million this week, the lowest level since September 2024, according to DeFiLlama.

This marks a staggering 97% decline from the peak and signals a significant slowdown in network activity.

The downturn follows a steep drop in trading volume. Solana's weekly trading activity has tumbled from over $97 billion at its peak to just $5 billion, reflecting a cooling interest in speculative memecoins and a shift in market focus.

During January's peak, Pump.fun was launching 1.7 million tokens daily, with a small percentage successfully graduating to DEXs, generating significant fees and contributing to Solana's revenue surge.

However, as the memecoin hype cooled, Pump.fun saw a drastic decline in token launches, slowing down significantly.

The shift is evident in the recent inactivity on Pump.fun, with an entire 24-hour period passing without a single new token graduating, as noted by Omni Network's Matthew Haddad.

This slowdown has directly impacted Pump.fun's earnings, with weekly protocol fee revenue dropping to $3.8 million as of March 16, the lowest since September 2024, according to DeFiLlama.

The post Solana revenue hits 9-month low as memecoin hype fades and Pump.fun slows down appeared first on TechCrunch.

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