The Solana blockchain network has experienced a dramatic decline in revenue and ecosystem value as the memecoin frenzy that dominated early 2025 continues to fade.

Weekly network revenue has plummeted from a record high of $55.3 million in mid-January to just $4 million in the past week—a staggering 93% drop that returns Solana to revenue levels not seen since September 2024.

Memecoin Collapse Drains Ecosystem Vitality

The sharp revenue decline directly correlates with waning interest in memecoins, which according to a March 5 VanEck report, accounted for approximately 80% of Solana’s blockchain revenues. Pump.fun, the primary platform for memecoin trading on Solana, has seen its daily revenue crash by about 95%, from $15 million in late January to just $800,000 by March 7.

This downward spiral extends beyond just network fees. Weekly decentralized application (DApp) revenue across the Solana ecosystem has fallen 86%, dropping from $238 million in mid-January to $32 million for the most recent week. Similarly, the total value locked in Solana’s DeFi protocols has nearly halved, declining from over $12 billion to approximately $6.4 billion during the same period.

Presidential Tokens Marked the Market Peak

Industry analysts point to specific events that signaled the memecoin market’s top. CoinGecko founder Bobby Ong identified the launches of two presidential-themed tokens as the turning point, stating on March 6: “The launch of TRUMP and MELANIA marked the top for memecoins as it sucked liquidity and attention out of all the other cryptocurrencies.”

Former President Donald Trump’s namesake token (TRUMP) launched on January 18, followed by First Lady Melania Trump’s token (MELANIA) on January 20. Both initially surged in value but subsequently crashed. TRUMP has lost 86% of its value and now trades at $10.50, while MELANIA has suffered an even more dramatic 95% collapse in just seven weeks, trading at a mere $0.71.

The rapid rise and fall of these high-profile tokens appears to have punctured the broader memecoin bubble, leaving Solana’s revenue streams significantly diminished as speculative interest shifts elsewhere in the cryptocurrency markets.