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<p><strong>Having celebrated its fifth birthday since the first block was minted, the Solana network finds itself in a fresh phase marked by both apprehension and ambiguity. The heyday of its memecoin casino, once incredibly profitable, appears to be waning.</strong></p><p>Now, it's true that this layer-1 blockchain has weathered even greater storms before. Remember the staggering comeback from a mere $8 after the FTX debacle of 2022?  It surged to a new peak above $294 this past January – quite the recovery story!</p>

<p>However, the rather abrupt cooling of the memecoin craze could present a significant hurdle in the months ahead.  The big question now is: where will the platform find its next wave of activity and, crucially, its fees?</p>

<p>After reaching fever pitch in January, memecoin mania has noticeably cooled, especially following a series of scandals, celebrity-endorsed schemes that went south, and a growing awareness that meme coins, at their core, can be just as money-grabbing as any venture capital-backed crypto project.  </p>

<p>Over a decade since Dogecoin first wagged its tail, predicting the absolute demise of memecoins would be a bold claim indeed. But have they reached their peak? And if they have, what does this mean for Solana's future?</p>

<h2 class="wp-block-heading"><strong>Solana’s memecoin market crash: Revenue and volume</strong></h2>

<p>The latest numbers paint a concerning picture. Solana network revenue has dramatically shrunk, falling by <a href="https://defillama.com/chain/Solana?chainRevenue=true&amp;groupBy=weekly" target="_blank" rel="nofollow">93%</a> from its January high point. Transaction fees are also down, by <a href="https://solana.messari.io/" target="_blank" rel="nofollow">83%</a> in just the last month.  Decentralized exchange (DEX) volumes, which once hit a daily high of $35.9 billion on January 21st, plummeted to a mere $979.5 million by March 15th, <a href="https://app.artemisanalytics.com/project/solana?from=projects&amp;tab=metrics" target="_blank" rel="nofollow">according to</a> Artemis. These are the lowest figures seen since last October. Even Pump.fun, a key platform for memecoins, has seen its daily volume shrink by 70%.</p>

<p>The number of daily active addresses has also more than halved, dropping from 6.4 million in November to 2.8 million in March, according to Token Terminal.<br/></p>

<figure class="wp-block-image aligncenter size-large is-resized"><img fetchpriority="high" decoding="async" width="1024" height="511" alt="Artemis" class="wp-image-41223 entered error" style="width:768px;height:auto"  data-lazy- src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2025/03/image5-1024x511.png" data-ll-status="error" /><img fetchpriority="high" decoding="async" width="1024" height="511" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2025/03/image5-1024x511.png" alt="Artemis" class="wp-image-41223" style="width:768px;height:auto"  /><figcaption class="wp-element-caption"><em>The memecoin spike and crash are clearly visualized in these charts. (Artemis)</em></figcaption></figure>

<p>Adding to the unease, the recent failure of inflation-curbing proposal SIM-228 means the network is still being subsidized to the tune of $228 million each month, while only <a href="https://solana.messari.io/" target="_blank" rel="nofollow">bringing in</a> a comparatively modest $39.25M in fees over the past 30 days.  Data compiled by Helius last year <a href="https://x.com/bogdanoffi/status/1901259153038815330" target="_blank" rel="nofollow">suggests</a> that without these subsidies, over half of all validators would be operating at a loss.</p><p>Adding further pressure, 11.2 million Solana (SOL) tokens were unlocked on March 1st, impacting the price of SOL, which has now fallen <a href="https://coinmarketcap.com/currencies/solana/" target="_blank" rel="nofollow">58%</a> from its peak.</p><p>“It’s arguably fair to say Solana is currently a ‘memecoin economy,’” pointed out Messari analyst Sunny Shi in a February 26 <a href="https://x.com/defi_monk/status/1894761805840302433" target="_blank" rel="nofollow">thread</a>, emphasizing the potential issue.  “This reality implies that a significant contraction in memecoin trading volume could trigger a cascading decline in revenue for the network.”</p>

<figure class="wp-block-image aligncenter size-full is-resized"><img decoding="async" width="932" height="536" alt="Messari 2" class="wp-image-41219" style="width:756px;height:auto"  data-lazy- src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2025/03/messari.jpg"/><img decoding="async" width="932" height="536" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2025/03/messari.jpg" alt="Messari 2" class="wp-image-41219" style="width:756px;height:auto"  /><figcaption class="wp-element-caption"><em>It's clear the Solana ecosystem has significant exposure to the memecoin market. (Messari</em>)</figcaption></figure>

<h2 class="wp-block-heading"><strong>We have passed ‘peak memecoin’ this cycle</strong></h2>

<p><span style="box-sizing: border-box; margin: 0px; padding: 0px;">Kain Warwick from Infinex, who previously championed Ethereum but now dabbles in Solana memecoins, believes we’ve likely already seen the peak for memecoins, at least for this phase of the crypto cycle.</span></p>

<p>“I’m not ready to declare memecoins completely dead just yet,” he clarifies, before adding, “However, they are significantly less vibrant than they once were.  Therefore, I’m willing to suggest that a swift return to an environment dominated by memecoins, grabbing 90% of the attention, seems improbable in the near future.”</p>

<p>Mert Mumtaz, founder of Helius and a strong advocate for Solana, also leans towards the idea that memecoin popularity may have plateaued.  However, he points out that the current dip is also tied to broader economic conditions impacting riskier asset classes across the board.</p>

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<p>“This memecoin downturn is somewhat temporary," he suggests, explaining that "all risk 'assets' (and he acknowledges calling memecoins an asset is a stretch!) are in decline globally.  Even Bitcoin, Ether, and Solana itself are all experiencing significant drops.”</p>

<p>“However, I anticipate they will bounce back, but perhaps not to the same extreme levels. A consistent pattern across crypto cycles is the presence of massive speculative surges – remember ICOs, NFTs, and now memes?  So, it would be quite a strong statement to assume these speculative waves will never return.”</p>

<p>Memecoins have undeniably been instrumental in Solana's recent successes, at times making up as much as 70% of the DEX volume on the platform during February.  In fact, memecoin-focused Telegram bots, launchpads, and trading apps together generated roughly 60% of Solana’s impressive $3.3 billion in annual app revenue.</p>

<h2 class="wp-block-heading"><strong>Interdependent revenue for memecoin trading apps</strong></h2>

<p>Adding to the intricate picture is the fact that many of the prominent memecoin trading applications are actually interconnected, reliant on each other for revenue streams.  Remarkably, a single memecoin trade can generate revenue for as many as five different apps, as highlighted in the breakdown from Messari below.</p>

<figure class="wp-block-image aligncenter size-full is-resized"><img decoding="async" width="934" height="488" alt="Messari" class="wp-image-41221" style="width:752px;height:auto"  data-lazy- src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2025/03/memecoin-intedependent.jpg"/><img decoding="async" width="934" height="488" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2025/03/memecoin-intedependent.jpg" alt="Messari" class="wp-image-41221" style="width:752px;height:auto"  /><figcaption class="wp-element-caption"><em>Oh, what a tangled web we meme indeed. (<a href="https://x.com/defi_monk/status/1894761826400817209" target="_blank" rel="nofollow">Messari</a>)<br/></em></figcaption></figure>

<p>Matthew Nay, a research analyst at Messari who compiles their quarterly Solana report, explains this interconnectedness. It starts with Pump.fun taking initial fees during a memecoin's launch. But once a token "graduates" and lists on Raydium, the automated market maker then becomes the fee collector.</p>

<p>However, because many traders prefer the user experience on Jupiter, that aggregator also gets a slice of those Raydium fees.  Telegram bot BonkBot takes its own trading fees and further feeds fees downstream to Jupiter and Raydium.  Even the Photon trading bot contributes by sending a flow of fees to everyone else.</p>

<p>“Effectively, a single memecoin transaction made through Photon has a ripple effect, and a portion of that revenue makes its way to projects like Jito, Raydium, and Jupiter,” Nay clarifies.</p>

<h2 class="wp-block-heading"><strong>Memecoins on Solana: From Bonk to $40 billion daily volume</strong></h2>

<p>Nay pinpoints the beginning of Solana’s memecoin frenzy back to the staggering 900% surge in the price of the Bonk memecoin in November 2023.</p>

<figure class="wp-block-image alignright size-full is-resized"><img decoding="async" width="920" height="516" alt="Solana phone" class="wp-image-41220" style="width:560px;height:auto"  data-lazy- src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2025/03/Solana-mobile.jpg"/><img decoding="async" width="920" height="516" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2025/03/Solana-mobile.jpg" alt="Solana phone" class="wp-image-41220" style="width:560px;height:auto"  /><figcaption class="wp-element-caption"><em>The Solana Saga phone became a hot commodity and sold out in December 2023. (Solana Mobile)</em></figcaption></figure>

<p>This Bonk surge triggered users to clamor for the previously overlooked Solana Saga phone in December 2023, especially since it came bundled with a generous 30 million Bonk airdrop.  Shortly after, Dogwifhat exploded by 5,000%, and just like that, the memecoin casino doors were wide open.</p><p>Solana became the natural playground for lower-value, high-risk speculation. This was thanks to its incredibly low fees—ranging from fractions of a cent to just a few cents per transaction—and its high transaction processing speed (TPS), a stark contrast to Ethereum's transaction costs, which could range from a few dollars to many.</p><p>“I believe this memecoin trend could have emerged anywhere, but it just so happened to take off on the fastest and cheapest chain,” Nay reflects. “Back in those days, launching a token on the Ethereum mainnet was prohibitively expensive, which is a key reason why everyone migrated over to Solana.”</p>

<p>“Now, you can effortlessly launch a token on Pump.fun for pennies. This ease of creation is a major catalyst behind the recent memecoin explosion we’ve witnessed.”</p><p>This memecoin mania was further fueled by the fact that anyone could launch a coin with a catchy name on Pump.fun for a mere $2 and watch its market capitalization skyrocket. A prime example is Fwog (FWOG), which quickly reached a <a href="https://www.forbes.com/sites/boazsobrado/2025/02/22/from-memes-to-500-million-in-revenue-the-pumpfun-phenomenon/" target="_blank" rel="nofollow">market cap of $74.9 million</a>.</p>

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<p><br/>By the final quarter of 2024, transaction fees for Jito had surged an astonishing 12,405% compared to the same period a year prior, while Jupiter and Raydium's fees each grew by over 2,000%. </p><p>Towards the tail end of January, an incredible 80,000 new tokens were being minted daily, and for a brief moment, Solana's DEX market share even surpassed that of the entire Ethereum ecosystem combined.</p>

<p>Then, quite suddenly, the party came to a halt.</p>

<h2 class="wp-block-heading"><strong>Memecoin downturn: Celebrity rug pulls and the Libra fiasco</strong></h2>

<p>Since January, the popularity of memecoins has waned almost as rapidly as it initially surged. Users started to realize that the odds were, in fact, stacked against them.</p>

<figure class="wp-block-image alignright size-full is-resized"><img decoding="async" width="504" height="598" alt="Live stream" class="wp-image-41224" style="width:412px;height:auto"  data-lazy- src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2025/03/cage.jpg"/><img decoding="async" width="504" height="598" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2025/03/cage.jpg" alt="Live stream" class="wp-image-41224" style="width:412px;height:auto"  /><figcaption class="wp-element-caption"><em>In hindsight, perhaps livestreaming wasn't the best idea. (<a href="https://x.com/AltcoinGordon/status/1860552859709833537" target="_blank" rel="nofollow">AltcoinGordon</a>)<br/></em></figcaption></figure>

<p>The probability of making a $10,000 profit on Pump.fun is roughly one in 243, statistically similar to the chances of having twins or being born with an extra finger.</p>

<p>The shift in sentiment initially began in November amidst the Pump.fun livestream controversy. These streams became associated with disturbing stunts—featuring racial slurs, sexual abuse, threats of violence and self-harm—all apparently desperate ploys to grab attention and artificially inflate token values.</p>

<p>In January, the launch of the pre-inauguration TRUMP memecoin, where insiders secured a hefty 80% of the token supply, was initially perceived as a positive sign – after all, the incoming president was seemingly launching a cryptocurrency! However, the subsequent release of MELANIA, designed to capitalize on the hype just two days later, drained liquidity from TRUMP, and the overall mood soured.</p>

<p>Ethereum co-founder Joe Lubin has witnessed similar boom and bust cycles play out across various crypto trends, from ICOs to DeFi Summer and the NFT craze.</p>

<p>“Each innovation begins as a genuinely valuable, novel concept,” he explained to Magazine.  “Then, weaker imitations and copycats emerge. This is typically followed by high-volume, programmatic exploitation, which ultimately causes damage and hardship, particularly for those who get involved later in the cycle.”</p><p>What arguably served as the final blow was Argentine President Javier Milei's ill-advised endorsement of the Libra memecoin. Insiders profited handsomely as it exploded to $4.5 billion in market value before crashing by 98%.</p><p>“I don’t believe it was fundamentally different from a HawkTuah coin or a Trump coin launch,” Nay suggests. “But I think it was finally a moment where the market collectively decided, ‘Okay, as a community, we should stop rewarding these kinds of bad actors.’”</p>

<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>“When memecoins began to strongly resemble low-float, high FDV (Fully Diluted Value), VC-backed coins… it felt like a breaking point. We inadvertently became the very thing we were trying to move away from.”</p>
</blockquote>

<p>Analysts from the investment research firm Bernstein labeled the Libra launch a “fiasco” and predicted in late February that market liquidity would shift away from “useless memecoins,” redirecting back toward DeFi, gaming, and NFTs.</p>

<figure class="wp-block-image aligncenter size-full is-resized"><img decoding="async" width="830" height="543" alt="Bitwise" class="wp-image-41222" style="width:578px;height:auto"  data-lazy- src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2025/03/image2.png"/><img decoding="async" width="830" height="543" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2025/03/image2.png" alt="Bitwise" class="wp-image-41222" style="width:578px;height:auto"  /><figcaption class="wp-element-caption"><em>Someone remind me of this prediction in six months. (Matt Hougan</em>)</figcaption></figure>

<p>However, it’s important to note that the memecoin phenomenon isn't entirely extinguished.</p>

<p>Aspiring creators are still pushing out over 21,000 new coins on Pump.fun every single day. Yet, only a small fraction—around 187—manage to "graduate" beyond the initial launch phase. Even then, the average market cap for these graduating coins is a modest $37,316, according to data from Dune.</p>

<h2 class="wp-block-heading"><strong>Solana is ‘100 times better’ thanks to memecoins</strong></h2>

<p>Even though memecoin activity may be in decline, Warwick argues that the sheer volume they brought to the Solana chain has ironically served to strengthen its underlying infrastructure, making it more robust.</p><p>“One fantastic outcome of the memecoin speculation is that it stimulated significant investment in Solana's infrastructure," Warwick points out. “Solana as a blockchain is now undeniably 100 times stronger than it was before the memecoin frenzy took off.”</p>

<figure class="wp-block-image aligncenter size-full"><img decoding="async" width="606" height="346" alt="Trump" class="wp-image-41225"  data-lazy- src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2025/03/trump.jpg"/><img decoding="async" width="606" height="346" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2025/03/trump.jpg" alt="Trump" class="wp-image-41225"  /><figcaption class="wp-element-caption"><em>Raise your hand if you made a fortune off memecoins. (Donald Trump</em>)</figcaption></figure>

<p>Nay highlights the Trump token launch as a prime example. Solana proved capable of handling nearly $40 billion in trading volume in a single day without major disruptions (despite a few minor hiccups).</p>

<p>“That figure represents roughly 10% of the average daily trading volume on the Nasdaq during a standard 24-hour trading period.  This demonstrated that the Solana network and its infrastructure genuinely benefited from the immense transaction volume generated by memecoins,” he explains.</p>

<p>With the highly anticipated Firedancer upgrade, under development since 2022, on the horizon and expected to further boost TPS capabilities, Nay believes Solana's long-term vision is becoming increasingly tangible.</p>

<p>“The aspiration to create a decentralized Nasdaq is now within sight.  It’s much easier to articulate this vision now, stating confidently, ‘Yes, we've managed $40 billion in daily volume and are only about ten times away from matching the typical daily volume of the Nasdaq.’”</p>

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<p>He also suggests that Solana is well-positioned to capitalize on evolving regulatory landscapes coming from bodies like the SEC and CFTC, as well as the emerging pro-crypto legislation currently progressing through Congress and the Senate.</p>

<p>“The memecoin frenzy, in a way, stress-tested the infrastructure and ultimately made it stronger. Now, there’s ample 'block space' for genuinely valuable and relevant projects to flourish,” he asserts.</p><p>“The evolving regulatory environment seems geared toward rewarding responsible actors that are providing substantial value to the broader ecosystem.”</p>

<h2 class="wp-block-heading"><strong>Future of Solana: DeFi, DePIN and gaming</strong></h2>

<p>Regarding which sectors might step in to fill the speculative void left by memecoins on Solana, opinions vary, yet a few key themes consistently emerge.</p><p>“It could be Decentralized Physical Infrastructure (DePIN). It could be Decentralized Finance (DeFi). It could be a resurgence in AI-related projects. The possibilities are numerous. It’s quite challenging to predict definitively from an external perspective,” Warwick admits.</p>

<p>However, when pressed to choose, the Synthetix founder leans towards the sector he personally champions.</p>

<p>“DeFi is the most obvious contender.  I believe DeFi is poised to break through and achieve mainstream adoption.”</p><p>Warwick further explains that while memecoins were never destined for the mainstream, something like Aave—a decentralized lending and borrowing protocol—has the potential to achieve widespread use and reach a broad audience.</p>

<p>Mumtaz largely concurs with this assessment.</p>

<p>“I believe DeFi is set to become significantly larger in the future, especially as the Solana network becomes more efficient, faster, and block space capacity doubles,” Mumtaz predicts.</p>

<p>“Looking ahead, I also see strong potential in payments, DePIN, and SocialFi sectors on Solana.”</p>

<p>That being said, DeFi on Solana currently faces challenges due to the network's relatively high inflation rate, a situation that could have been greatly improved if the inflation-reducing proposal 228 had been approved.  Tushar Jain of Multicoin Capital recently appeared on <em>Unchained</em> this week and <a href="https://x.com/laurashin/status/1901476700950552723" target="_blank" rel="nofollow">explained</a> that the yield available from staking SOL “creates a high hurdle rate for individuals to actively participate in DeFi.”</p><p>He elaborated, arguing that it's not rational to make an investment that “provides a return that’s less than the risk-free rate... And within an ecosystem like Solana, the return from staking effectively becomes the risk-free rate.”</p><p>Jain illustrated this point with a hypothetical scenario of an Automated Market Maker (AMM) offering liquidity providers a 5% return.  In such cases, there’s effectively no compelling incentive for users to embrace the additional risks associated with providing liquidity if they can achieve a similar, or even better, return with zero risk simply by staking their SOL tokens.</p>

<blockquote class="twitter-tweet" data-media-max-width="560">
<p lang="en" dir="ltr">Ever wondered why rates on Solana DeFi are usually low? ⬇️ The ecosystem might be fighting an uphill battle… ⚔️</p>
<p>With staking rewards setting a high bar for returns, <a href="https://twitter.com/TusharJain_?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@TusharJain_</a> argues a lower inflation rate would’ve made DeFi more attractive on SOL. <a href="https://t.co/dqPUOAlccA" target="_blank" rel="nofollow">pic.twitter.com/dqPUOAlccA</a></p>
<p>— Laura Shin (@laurashin) <a href="https://twitter.com/laurashin/status/1901476700950552723?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">March 17, 2025</a></p></blockquote>

<h2 class="wp-block-heading"><strong>Decentralized Physical Infrastructure on Solana</strong></h2>

<p>Nay foresees significant growth for Decentralized Physical Infrastructure (DePIN) projects built on Solana, highlighting Helium, a decentralized wireless network initiative, as "a standout leader in that space," along with HiveMapper, a decentralized mapping project.</p>

<figure class="wp-block-image alignright size-full is-resized"><img decoding="async" width="514" height="588" alt="Well" class="wp-image-41226" style="width:401px;height:auto"  data-lazy- src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2025/03/phone.jpg"/><img decoding="async" width="514" height="588" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2025/03/phone.jpg" alt="Well" class="wp-image-41226" style="width:401px;height:auto"  /><figcaption class="wp-element-caption"><em>It's been quite a wait for both the Seeker phone and the Firedancer upgrade. (Karma</em>)</figcaption></figure>

<p>“These are excellent examples of projects being built directly on-chain that offer compelling real-world use cases for crypto. We also see exciting applications in projects like Parcl, which allows individuals to speculate on the dollar value of real estate metrics like the price per square foot in Atlanta, Georgia, my hometown, or rental costs in New York City, where I’m currently located,” Nay expands.</p><p>He believes Parcl represents a notable example of enhanced financial inclusion, providing individuals with the ability to “gain exposure to the real estate market, even without the capital required to purchase physical property.”</p>

<p>Another potential catalyst for growth on the Solana network could be the anticipated delivery of the 140,000 pre-ordered Solana Seeker phones, expected mid-year.  Furthermore, Nay expresses confidence that gaming on Solana could experience a significant boom this cycle.</p>

<p>“We are observing significant innovation and improvements in the infrastructure supporting gaming, making on-chain games genuinely viable and creating sensible tokenomics models to effectively drive revenue to these platforms.  This sets the stage for a potential explosion in on-chain gaming,” he projects.</p>

<p>Nay also entertains the possibility of a resurgence in a more evolved form of memecoins, perhaps creator coins supporting emerging influencers in the vein of Mr. Beast, offering investors a stake in their future YouTube earnings.  So, while we may have witnessed the peak of the initial memecoin craze, he emphasizes it likely isn't the end of the story.</p>

<p>“It’s hard to imagine anyone surpassing the hype and frenzy generated by President Trump launching a coin. For a single token launch, that will be very difficult to top,” he notes.</p>

<p>“However, looking at the aggregate, we might witness an even larger collective impact if memecoins evolve beyond random animal pictures and begin incorporating genuine utility."</p>

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                            <img alt="" height="300" width="300" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/07/Andrew-Fenton2-1024x1024.jpg"/><img src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/07/Andrew-Fenton2-1024x1024.jpg" alt="" height="300" width="300"/>
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                <h2 class="author__name">Andrew Fenton</h2>
                <p>Based in Melbourne, Andrew Fenton is a journalist and editor covering cryptocurrency and blockchain. He has worked as a national entertainment writer for News Corp Australia, on SA Weekend as a film journalist, and at The Melbourne Weekly.</p>
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Source: cointelegraph.com