Despite the Drop in Memecoin Activity, Solana Remains the Revenue Leader

Think about it, even though memecoin activity on Solana has dropped by almost 90%, the network itself is still the leader in revenue among blockchains.

The hype around memecoins has certainly died down, and with it, Solana's revenue has taken a hit. Back in January, we saw an incredible surge in activity with everyone talking about LIBRA and the Solana ecosystem. But as the dust has settled, we're left with a network that's still performing well, albeit at a lower rate than before.

A report by CCDataChain has revealed that despite a 90% decline in memecoin activity, Solana is still the leading blockchain in terms of revenue. This might come as a surprise to some, but it's a testament to the strength of Solana's decentralized applications (dApps).

While the hype around memecoins like PEPE and WMEME brought a lot of attention to Solana earlier in the year, that activity has since fallen sharply. The report highlights a 94% decline in memecoin transactions on Solana, and a 97% decrease in fee revenue generated by these coins.

However, Solana's main cash register isn't filled by memecoins, but rather by dApps. In March, an astonishing 46% of the revenue across all blockchains came from applications running on Solana. Even now, as the froth has subsided, these dApps still generate more than 70% of revenue within the Solana network itself.

This fact is crucial for understanding Solana's resilience. It seems that Solana is being kept afloat not by hype, but by really working things—and that's pretty neat.

Now the question is: will Solana be able to keep the lead if it switches completely to dApps and forgets about memes? Only time will tell.