CHART: Solana metrics nosedive since Trump Inauguration Day
Since its exuberant highs on January 20, Solana has nearly halved from a $130 billion market cap to $70 billion today.
Even the US president selecting it over Ethereum for his eponymous memecoin, TRUMP, wasn’t enough to save the blockchain from a worldwide bear market that has even cut bitcoin (BTC) by 20%.
Of course, Solana is faring far worse than BTC. Since Trump entered the White House, trading volume of Solana’s native token has dropped from $24 billion to $3 billion today.
Transaction fees, protocol revenue, and active users have also dropped steeply since January 20. Protos has created a chart of fundamental metrics of Solana’s blockchain since Trump became president.
Trump was supposed to be great for Solana
Fees paid for SOL transactions have cratered 93% from $90 million during the week of Trump’s inauguration to less than $6 million this week.
Revenue to Solana validators saw an even steeper 98% decline from $45 million to under $900,000.
According to TokenTerminal data, Solana lost one-third of its monthly active users, which plummeted from 98 million as of Trump’s inauguration to just 65 million today.
With the price of TRUMP down 85% in two months, there are apparently fewer reasons to use Solana these days. Indeed, the total value of crypto assets locked on Solana’s DeFi platforms declined 36% from $11 billion on Inauguration Day to $7 billion today.
Read more: Is the CIA really Solana’s secret backer?
Hype for Solana-based memecoins like TRUMP, MELANIA, and millions of other Pump.fun creations has dropped off a cliff since January. Fewer than 0.002% of Solana memecoins sustain even a modest market capitalization above $1 million.
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