Solana's revenue has dramatically decreased by 93%, dropping to approximately $4 million last week from a high of $55 million in mid-January during the memecoin craze. The decline is attributed to the waning interest in memecoins, with decentralized application revenue also falling by around 86%, from $238 million in January to $32 million recently. Additionally, the total value locked in decentralized finance (DeFi) on Solana has nearly halved, from over $12 billion in January to about $6.4 billion now. Memecoin trading on platforms like Pump.fun accounted for roughly 80% of Solana's revenue, but it has plummeted by about 95% since its peak in late January. The launch of notable tokens linked to Donald Trump and his wife Melania was seen as a catalyst that drained liquidity from the market, leading to the current drop. Both tokens experienced significant losses shortly after their launch. The overall memecoin market cap has also shrunk, indicating a general downturn in the sector, which previously peaked at $137 billion in December, now reduced to $44 billion.

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