- Solana has seen a decline in revenue, possibly caused by Pump.fun’s competitors Ethervista and SunPump.
- Solana’s non-voting transaction volume has also fallen to a low last seen in September 2023.
- Newly launched Ethervista is ready to challenge Pump.fun.
Solana (SOL) daily revenue hit a six-month low on Monday, accompanied by a drop in daily transaction volume. The rapid decline reflects a decline in trader interest following the launch of Pump.fun competitors Ethervista on Ethereum and SunPump on the Tron blockchain.
Solana Risks Further Revenue Decline After Ethervista Launch
Solana’s daily revenue hit a six-month low of $190,700 on September 1, down 92% from its peak of $2.47 million on March 18, according to DefiLlama.
Kaito AI data also shows that Solana sentiment has turned bearish, reaching the red zone since August 26. This negative sentiment is also reflected in Solana non-voting transactions, which have fallen 63% from a peak of 1.31 billion in July to 485.61 million in August, according to The Blocks data dashboard. The last time Solana non-voting transactions were at this level was in September 2023.
Solana Non-voting transactions
Notably, some members of the crypto community have speculated that the main reason for Solana’s decline in network activity could be a decline in interest in its meme coin generation platform Pump.fun. Since the launch of its competitor SunPump on the Tron blockchain, Pump.fun’s revenue has been on a downward trend, according to DefiLlama.
Additionally, Lookonchain data shows that the commission account Pump.fun sold 254,074 SOL on September 1 at an average price of $158. Earlier today, the account dumped another 10,300 SOL, bringing the total tokens sold to $41.64 million. This suggests that the platform is taking profits amid declining interest.
To add insult to injury, decentralized exchange Ethervista, which makes it easy to launch meme coins on the Ethereum Mainnet, has gone live in the last few days. Ethervista claims to be a new approach to launching tokens on the Ethereum network. Among its most notable features is a 5-day liquidity lock for creators.
This approach counteracts the dump events that often follow the launch of multiple new meme coins on competing platforms such as Pump.fun.
As a result, some members of the crypto community have speculated that Ethervista could once again see a spike in Ethereum activity on the network, to the detriment of Solana.
SOL shares have fallen nearly 4% in the past 24 hours, extending their weekly losses to 13%.
