Solana's weekly revenue has plummeted 93% from its January peak due to the burst of the meme coin bubble

According to ChainCatcher news reported by Cointelegraph, Solana's weekly revenue fell to $4 million last week, down 93% from the peak of $55 million during the Meme coin frenzy in January. Over the past two months, as interest in Meme coins has continued to decline, Solana's network revenue and total value locked (TVL) on-chain have significantly decreased.

According to data from DefiLlama, the weekly network revenue of the Solana blockchain reached a historical high of $55.3 million during the peak of the Meme coin minting frenzy in mid-January. However, revenue has since plummeted by 93%, with only $4 million in the past week, returning to the lowest point since September of last year.

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