Analysis of the current situation of Memecoin: Market sentiment is sluggish but data is still good

Author: Nico , Encryption KOL

Compiled by: Felix, PANews

Recently, many people on social media have claimed that Memecoin is "dead".

Memecoin's trading volume is not as good as in previous months, and Trump Coin ($TRUMP) undoubtedly peaked locally in Memecoin's awareness, trading volume and liquidity attractiveness.

However, SOL was at a high of $290, and BTC exceeded $100,000, and the bull market was in full swing. Since then, BTC prices have fallen back to $74,000-88,000, while SOL has hit a local low of $95. However, SOL has now exceeded $140 (46% in just 15 days), and BTC has also rebounded to more than $90,000. Let’s reassess the current situation together.

Despite the low SOL price, the market is generally bearish and sluggish, the data is showing a different picture, with the following figures so far in April:

Pump.fun has generated approximately $650 million in revenue to date. Revenues in April ranged from $1 million to $2.7 million, averaged in the higher range of $1.5 million to $2 million.

As SOL prices rose and trading volumes fell during the Trump incident, trading volumes began to rebound significantly in April, and with the launch of Pumpswap and the almost instant migration , the trading experience became smoother. This can be seen from the increase in total weekly trading volume.

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9.7 million tokens have been created so far, with 20,000 to 40,000 tokens being launched every day in April, and 100 to 350 tokens are graduated every day (graduation rate is 0.4% to 0.8%).

Over time, the decline in graduation rates is associated with a decrease in the number of users and transaction volume, indicating a higher proportion of rival trading (PvP) behavior in a fierce competition. Small groups stock up on supply when new projects go online, dumping each other, and when they can’t attract the extra liquidity required to bind tokens, they decide to exit early.

Active users

During the peak period between December 2024 and February 2025, the average daily transaction number of Pump.fun Memecoins reached 200,000 to 400,000. Thereafter, it has been a downward trend, and has been below 200,000 in the past two months.

Currently, the number of daily active wallets is stable at around 150,000, of which the number of existing/reused wallets and new wallets is roughly equivalent. It should be noted that most miners trade on multiple wallets and at least occasionally change active wallets.

Trading robot data

As we all know, most Memecoin trading activities occur on the top five platforms, such as Axiom, BullX, Photon, GMGN, Trojan. The specific details are as follows:

Platform | Daily Active Users (DAU) | Daily Trading Volume | Daily Trading Number

Axiom: Daily active users 17,000-30,000 | Daily transactions 20 million-33 million US dollars | Daily transactions 700,000-1.5 million

Bullx: Daily active users 20,000-30,000 | Daily transactions 20,000-33 million US dollars | Daily transactions 20,000-400,000

Photon: Daily active users 18,000-27,000 | Daily transactions 30,000-50,000 US dollars | Daily transactions 250,000-35,000

GMGN: Daily active users 10,000-18,000 | Daily transactions 8,000-20 million US dollars | Daily transactions 18,000-29,000 transactions

Trojan: Daily active users 14,000-25,000 | Daily transactions 7,000-30 million US dollars | Daily transactions about 200,000

This is roughly consistent with what is seen, adding about 100,000+ users and more than $100 million in daily trading volume.

Lifetime expenses and asset management scale ( SOL on the platform )

Bullx: $186 million | Assets managed: 215,000 SOLs approximately $30 million

Axiom: $39 million | Assets managed: Unknown, but estimated to be similar to Bullx, and may be slightly lower

Photon: $382 million | Assets managed: 539,000 SOLs approximately $82.6 million

GMGN: $66 million fee | Assets managed: Unknown, but estimated to be at least half of Bullx.

On related and other platforms, the value of liquid SOLs circulating in the Memecoin field may be more than US$200 million.

PumpSwap

Pumpswap daily trading volume ranges between $300 million and $480 million, accounting for 9% to 19% of Solana’s decentralized exchange trading volume, as all new Pump.fun tokens are issued and traded on Pumpswap, meaning a large number of transactions are still occurring on early issuance tokens traded through Raydium/Meteora.

Launching Pumpswap is a smart move for the Pumpfun team, who charges a 0.25% fee, of which 0.02% is allocated to the liquidity provider (LP) and 0.05% is allocated to the protocol.

About the first month after its launch, Pumpswap incurred a total fee of about $25 million ($100,000 to $240,000 per day), of which LP received about $20 million and the remaining $5 million allocated to the agreement.

This figure is expected to continue to grow as Pumpswap market share expands (always rising steadily), as people tend to trade new tokens rather than old ones.

Priority trading of new coins is consistent with the viewpoint of how the Memecoin field will continue to develop. It’s no secret that competition in the Memecoin sector has become increasingly fierce recently, as the remaining active participants are “battle-standing” veterans who remain in the difficult times of lower SOL prices, trading volume and reduced users.

The Memecoin space relies on new liquidity brought by new users, initially coming from more calmer crypto investors/industry participants who “surrendered” as their holdings continue to depreciate in search of faster returns.

As the entire market continues to grow, retail investors have also begun to get involved.

Players are already tired of DeFi tokens that require careful management and in-depth understanding of protocol design and dynamics. Memecoin remains the go-to tool for speculation, while Solana is like a casino/banker. They are easy to understand, have low thresholds, and have higher returns for new traders due to their highly asymmetric upside potential. New things happen every day, everything can be tokenized, and the content is infinitely rich: characters, content, events, memes, etc.

Everything has just begun.

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