Solana Meme temporarily "cooling off"? Pump.fun daily trading volume plummets by 82%

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Last week's Pump.fun token had a success launch rate of only 1.04% on Raydium, while the graduation rates for the tokens from the previous two weeks were 1.54% and 1.59%, respectively.

Author: Ting, BlockTempo

In this round of the bull market, the well-established public chain Solana has become one of the best incubators for meme coins due to its low transaction fees and smooth trading experience. The token issuance platform Pump.fun has sensed investors' fervent enthusiasm for meme coins, not only launching a "one-click token issuance" feature but also allowing users to issue meme coins for free, continuously igniting a nationwide token issuance craze in the Solana ecosystem.

Pump.fun Daily Trading Volume Plummets 82% to Lowest Level Since Christmas

However, the recent meme coin craze on Solana has shown a clear cooling trend. According to The Block, starting from the 6th, the average daily trading volume of meme coins listed on Pump.fun and traded on the decentralized exchange Raydium has dropped to $560 million.

This figure is the lowest level since Christmas 2024, representing an 82% decrease compared to the peak daily trading volume of $3.13 billion three weeks ago.

Moreover, even the "token graduation rate" (the probability of launching on Raydium) for Pump.fun has decreased. Last week, only 1.04% of Pump.fun tokens successfully launched on Raydium, while the graduation rates for the previous two weeks were 1.54% and 1.59%, respectively.

Additionally, the total daily tips paid to Jito validators in the Solana ecosystem fell to 23,800 SOL (approximately $4.8 million) last week. In contrast, the figures for the previous two weeks were 42,000 SOL (approximately $9.9 million) and 68,500 SOL (approximately $17.5 million).

Since users typically pay tips to Jito validators to expedite transactions, the decline in this data indicates that trading activity is weakening.

Pumpfun daily token graduation rate, source: The Block

Solana Meme Coin "Golden Dog" Market Cap Gradually Declines

Furthermore, The Block pointed out that the Solana meme coin market is undergoing a process described as "euthanasia rollercoaster," which refers to an initial surge followed by progressively lower peaks in each subsequent price fluctuation.

The beginning of this trend can be traced back to the issuance of $TRUMP on January 18, which saw its FDV reach $75 billion, followed by the issuance of $MELANIA, which reached a market cap of $13 billion.

Next, the $VINE token launched by the founder of the Vine platform peaked at nearly $500 million; a few days later, the $jellyjelly token issued by the co-founder of Venmo reached a peak market cap of $250 million; and the recently launched $JAILSTOOL, promoted by Barstool Sports founder Dave Portnoy, peaked at approximately $220 million.

The gradual decline in the peak market caps of these Solana meme coins over different periods also indirectly indicates that the enthusiasm in the Solana memecoin market is waning, and speculative sentiment is gradually cooling.

Pancakeswap Surpasses Uniswap in Trading Volume in the Last 24 Hours

On the other hand, following Binance founder Zhao Changpeng's recent interactions with the test token $TST on the social platform X, as well as a series of listings and promotions by Binance and BNB Chain, there seems to be a flow of market funds into BNB Chain.

According to Defillama, the leading DEX protocol on BNB Chain, Pancakeswap, achieved a trading volume of $302 million in the last 24 hours and a trading volume of $2.1207 billion in the last 7 days, surpassing well-known DEXs like Uniswap, Raydium, and Orca, indicating that BNB Chain's recent popularity is extraordinary.

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