Drop in traffic in high traffic site after 301 redirect

Here are the steps I took:

  • 301 redirect w/wildcard from old domain to new domain
  • Updated & verified Google Search Console for new domain, submitted change of address, etc.
    • Updated Google Analytics for new domain
    • Added new domain to URL channels and Sites in Google Adsense

Here are the disastrous results:

  • Getting 1/3 of the traffic from before
  • Duplicate content in Google search of both domains
  • It's been 3 days and adsense still hasn't been approved

Starting to panic lol and thinking of a revert / ending the 301's. This is why I delayed this process for so long, too risky. This is a site that was averaging 400k - 500k visitors/mo and and that's not even at peak. I expected 800k at peak - which is 2 weeks from now. I'm losing money. Revenue has dropped to $1/day due to the Google Adsense not being approved yet (if ever??).

What are my options? I thought if you do a 301 redirect everything should go smoothly? Should I wait it out in good faith, adjust something, or abort? Thanks!