Solana’s network revenue and decentralized exchange (DEX) volume have plummeted in recent months as the hype around memecoins fades.

This downturn is largely tied to the slowdown of Pump.fun, a major memecoin launchpad that once fueled a surge in network activity.

At the height of the memecoin craze in January, Solana’s weekly revenue peaked at $55.2 million as traders flooded the network. However, data from DeFiLlama shows a staggering 97% decline, with revenue falling to just $1.8 million this week—the lowest level since September 2024.

This revenue plunge follows a steep drop in trading volume. Solana’s weekly trading activity has tumbled from over $97 billion at its peak to just $5 billion, reflecting a cooling interest in speculative memecoins.

During January’s peak, Pump.fun facilitated the launch of 1.7 million tokens daily, with a small percentage successfully graduating to DEXs.

This intense activity generated millions in fees, contributing significantly to Solana’s revenue surge. However, as the memecoin hype cooled, Pump.fun saw a drastic decline in token launches.

The shift has been stark. Matthew Haddad of Omni Network pointed out that the platform recently recorded an entire 24-hour period without a single new token graduating—a major contrast to its frenzied activity just months ago.

This slowdown has directly impacted Pump.fun’s earnings, with weekly protocol fee revenue dropping to $3.8 million as of March 16, the lowest since September 2024, according to DeFiLlama.