Source: Cointelegraph Original: "{title}"

As interest in meme coins continues to decline, Solana's network revenue and total on-chain value have significantly dropped over the past two months.

During the peak of the meme coin minting frenzy in mid-January, the weekly network revenue of the Solana blockchain reached a historic high of $55.3 million.

However, according to DeFillama, revenue has plummeted by 93% over the past week, falling to about $4 million, returning to its lowest level since September of last year.

The weekly revenue of Solana's decentralized applications (DApps) has also drastically decreased, dropping approximately 86% from $238 million in mid-January to $32 million last week.

Meanwhile, the total value locked (TVL) in DeFi on Solana has also decreased by nearly 50% during the same period, from a peak of over $12 billion in January to about $6.4 billion currently.

Solana's weekly revenue and TVL. Source: DeFillama

According to a report released by VanEck on March 5, meme coin trading is primarily conducted through the Pump.fun platform, accounting for about 80% of the total revenue on the Solana blockchain.

Data from Dune Analytics shows that Pump.fun's daily revenue peaked at $15 million in late January but has since plummeted by about 95% to $800,000 as of March 7.

The meme coin frenzy peaked on January 18 when Trump launched a token named after himself, TRUMP, followed by his wife Melania launching a token of the same name, MELANIA, on January 20.

Bobby Ong, co-founder of CoinGecko, stated on March 6: "The launch of the TRUMP and MELANIA tokens marked the peak of the meme coin market, attracting a large amount of liquidity and attention, leading to a sharp decline in the popularity of other cryptocurrencies."

Both tokens saw a surge after their launch but then significantly dropped in the following days. Currently, the TRUMP token has fallen 86% from its peak, trading at $10.50, while the MELANIA token has plummeted 95% in just seven weeks, dropping to $0.71.

According to CoinMarketCap, the market capitalization of meme coins reached a peak of $137 billion in December last year but has since crashed by 68%, falling to $44 billion.

Meme coin market cap crash. Source: CoinMarketCap

Solana's price has also been severely impacted over the past few weeks, having dropped 58% from its all-time high of $293 set in mid-January. As of the time of writing, the asset further declined by 5% on the day, trading at $122.

Related: CoinGecko: Meme coins may currently be "cooling off," but they will surely return.

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