Solana Meme is temporarily "off"? Pump.fun Daily trading volume plummeted 82%

Author: Ting, BlockTempo

In this bull market, the old public chain Solana has become one of the excellent incubators for Meme Coin due to its low transaction fees and smooth trading experience. The token issuance platform Pump.fun smells out investors' enthusiasm for meme coins. It not only launches the "one-click coin issuance" function, but also opens users to issue meme coins for free, which continues to ignite the wave of public issuance of Solana's ecosystem.

Pump.fun daily trading volume plummeted 82% to its lowest since Christmas

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

This figure is the lowest level since Christmas 2024, down 82% from the peak of single-day trading volume of $3.13 billion three weeks ago.

Not only that, even the "token graduation rate" (the probability of launching to Raydium) of Pump.fun has been reduced. Last week's Pump.fun token was only 1.04% successfully launched to Raydium, and the tokens in the previous two weeks The graduation rates were 1.54% and 1.59% respectively.

In addition, the total daily tips (tips) of Jito validators in the Solana ecosystem fell to 23,800 SOL (about $4.8 million) last week. By comparison, the figures for the first two weeks were 42,000 SOL (about $9.9 million) and 68,500 SOL (about $17.5 million) respectively.

As users usually tip Jito validators to speed up transactions, a decline in data means that transaction activity is declining.

Pumpfun Daily Token Graduation Rate, suorce: the block

Solana meme coin "Golden Dog" market cap gradually declines

In addition, The Block also pointed out that Solana's meme coin market is undergoing a "euthanasia roller coaster", which refers to a wave of big markets at the beginning, but the peak of each market fluctuation is gradually decreasing.

The beginning of this trend can be traced back to $TRUMP issued on January 18, which once reached $75 billion in FDV, and subsequently issued $MELANIA with a market value of $13 billion.

Next, the maximum market value of $VINE launched by the founder of the Vine platform was close to $500 million; a few days later, the maximum market value of $jellyjelly issued by the co-founder of Venmo was $250 million; and the recently launched $JAILSTOOL was promoted by Dave Portnoy, founder of Barstool Sports. , the highest market value is about US$220 million.

These situations where the peak of Solana Golden Dog's market value gradually decreased during different periods also indirectly shows that the craze in the Solana memecoin market is weakening and speculative sentiment is gradually cooling down.

Pancakeswap has surpassed Uniswap in the last 24 hours

On the other hand, with Binance founder Zhao Changpeng interacting with the test token $TST on the social platform X a while ago, and a series of official listings and promotions between Binance and BNB Chain, market funds seem to have flowed into BNB Chain. sign.

According to Defilama, Pancakeswap, the leading DEX protocol on BNB Chain, has reached US$302 million in trading volume in the past 24 hours, and US$2.1207 billion in trading volume in the past 7 days. This amount exceeds the top of the well-known DEXs such as Uniswap, Raydium, Orca, etc. It can be seen that BNBChain has been extremely popular recently.