The Solana Foundation has confirmed what many SOL holders feared: Web3 gaming is not coming back. The statement removes one of the key demand narratives that helped drive SOL past $250 in 2024. SOL now trades near $83, down 5% in the latest session, with network revenue sitting 93% below its January peak. The memecoin frenzy that generated most of that revenue has collapsed, leaving Solana with strong infrastructure and no fee recovery plan.
The network still holds $17.4 billion in stablecoins and processes more transactions than most chains combined, but none of that translates into income for token holders. SOL holders are exposed to whatever the network processes, with no quality controls and no income from the result. Solana’s ecosystem has no equivalent filtering mechanism for the network activity that drives its $3.3 trillion in trading volume.
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