In a surprising turn of events, Solana (SOL), known for its high performance and speed in executing transactions, has surpassed Ethereum in monthly revenue for the first time. SOL, currently valued at $230, generated a revenue of over $116 million in the past month, outperforming Ethereum’s $107 million earnings. This marks a significant milestone for Solana, given that the network only generated about $6 million in January 2024, compared to Ethereum’s $179.6 million earnings during the same period.
Solana’s impressive performance, up by approximately 96% from its December 2024 revenue of $59 million, can be attributed to several factors. Among these, the surge in Decentralized Finance (DeFi) activities and the launch of President Donald Trump’s memecoin on the Solana blockchain have had a significant impact.
On January 17, 2025, President Trump launched the $Trump memecoin on the Solana blockchain. The coin, which started under $10, soared by over 300% to reach its peak value of $72 per token, with a staggering $15 billion market cap. The $Trump launch also led to a 19% increase in the price of SOL, pushing it to $295.3.
The launch of another memecoin by the Trump family, the $Melania token, further boosted network activity. Although it led to some diversion of funds from the $Trump meme, it did not dampen the overall growth trajectory of Solana.
Despite the current trading price of $Trump standing at $24, down significantly from its all-time high, it remains over 500% higher than its launch price with a daily volume of over $2 billion. This has led to an unprecedented 70% increase in stablecoin supply as new users and money have flowed into the Solana blockchain. It is now the third-largest blockchain in terms of stablecoin liquidity.
Bitcoin, the flagship cryptocurrency, also enjoyed a boost from the Trump hype, hitting an all-time high of $109,071 following his inauguration.
Adding to Solana’s success story is Pump.fun, the largest platform for launching memecoins. The platform has been instrumental to Solana’s meteoric rise during this cycle. Pump.fun hit an all-time revenue of over $493 million and on January 30, 2025, it recorded a trading volume of about $295 million.
Following the successful $Trump launch, over 6,000 tokens named “Trump” were launched on Pump.fun. In the past 30 days, Pump.fun has generated $116.72 million in revenue, narrowly beating Solana’s revenue over the same period by over $260,000.
While Ethereum experienced a 39% decrease in revenue, Solana’s 2025 has been off to a bullish start. The growing interest and investments in DeFi and memecoins, particularly those associated with popular figures such as President Trump, have significantly contributed to Solana’s impressive performance. With these developments, Solana has firmly established itself as a serious contender in the crypto market, challenging Ethereum’s long-standing dominance.
