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

On March 11th, as per Cointelegraph, Solana's weekly revenue dipped to $4 million last week. This represents a 93% decrease from the $55 million peak witnessed during the January Meme coin craze. Over the past two months, with the market's interest in Meme coins continuously declining, Solana's network revenue and total value locked (TVL) have witnessed a sharp plunge. According to DefiLlama data, Solana blockchain's weekly network revenue reached a record high of $55.3 million during the mid-January peak of Meme coin minting frenzy. However, since then, the revenue has plummeted by 93% and only reached $4 million in the past week, returning to a low not seen since last September. Solana's weekly decentralized application (DApp) revenue has also witnessed a significant decrease. It dropped from $238 million in mid-January to $32 million in the past week, approximately a 86% decline. Meanwhile, Solana's DeFi total value locked (TVL) has also fallen by nearly 50% during the same period. It dropped from a January peak of over $12 billion to approximately $6.4 billion currently.