Solana's weekly revenue plummeted 93% from its January high as the meme bubble burst

BlockBeats News: On March 11, Cointelegraph reported that Solana's weekly revenue fell to $4 million last week, down 93% from $55 million at the peak of the meme coin craze in January. Over the past two months, Solana network revenue and on-chain total value locked (TVL) have slumped as interest in the meme coin has continued to decline. According to DefiLlama, the Solana blockchain's weekly network revenue hit an all-time high of $55.3 million at the peak of the meme coin minting frenzy in mid-January. However, revenue has since plummeted 93% to just $4 million in the past week, back to its lowest level since September last year. Solana's weekly decentralized application (DApp) revenue has also dropped significantly, from $238 million in mid-January to $32 million in the past week, a drop of about 86%. At the same time, Solana's total DeFi value locked (TVL) has also fallen by nearly 50% over the same period, from its January high (over $12 billion) to around $6.4 billion currently