PANews reported on February 13 that according to The Block, the trading volume of the Pump.fun token on Solana has recently cooled down, with an average daily trading volume of only $560 million in the past week, a new low since Christmas 2024, a sharp 82% drop from the single-day high of $3.13 billion three weeks ago.

In addition, the Raydium graduation rate of the Pump.fun token is also declining, with an average of only 1.04% of tokens successfully graduating last week, compared to 1.54% and 1.59% in the previous two weeks. At the same time, the Jito validator tips on the Solana network have dropped from 68,500 SOL ($17.5 million) two weeks ago to 23,800 SOL ($4.8 million) last week, indicating a decline in trading activity.

The meme coin market on Solana has recently been described as the "euthanasia roller coaster" effect, where the market cap peak of each new coin is gradually decreasing. For example, $TRUMP once reached a FDV of $75 billion, while the subsequent $MELANIA, $VINE, $JELLYJELLY, and the latest $JAILSTOOL peaked at $13 billion, $500 million, $250 million, and $220 million, respectively, showing a gradual cooling of market sentiment.