Memecoins are dying, and revenue and activity on Solana is tanking. How can the “memecoin casino” reinvent itself now?
Five years after the first Solana block was generated, the network is entering a new period of fear and uncertainty as the once-lucrative memecoin-casino starts to wind down.
To be fair, the layer 1 blockchain has overcome bigger obstacles before, staging an incredible comeback from just $8 in the aftermath of the 2022 FTX collapse to a new all-time high above $294 in January this year.
But the sudden evaporation of the memecoin market could pose a big challenge over the coming months where are the activity and fees going to come from next?
After peaking in January, memecoin activity has nose-dived after a string of scandals and celebrity rug pulls, along with the dawning realization that memes can be every bit as extractive as any VC coin.
