In this bull market, the veteran public chain Solana has become one of the ideal incubation sites for meme coins due to its low transaction fees and smooth transaction experience. The token issuance platform Pump.fun has sensed the frenetic sentiment of investors towards meme coins, and has not only launched a "one-click coin issuance" function, but also opened up free meme coin issuance for users, continuously igniting the nationwide coin issuance craze in the Solana ecosystem.
Pump.fun's daily trading volume plummets 82% to the lowest level since Christmas
However, the meme coin craze on Solana has shown a clear cooling trend recently. According to The Block, since the 6th, the daily trading volume of meme coins listed on Pump.fun and then migrated to the decentralized exchange Raydium has dropped to $560 million.
This data is the lowest level since Christmas 2024, a decrease of 82% compared to the peak single-day trading volume of $3.13 billion three weeks ago.
In addition, the "token graduation rate" (the probability of being launched to Raydium) of Pump.fun has also decreased. Last week, only 1.04% of Pump.fun tokens were successfully launched to Raydium, compared to 1.54% and 1.59% in the previous two weeks.
Furthermore, the total daily tips received by Jito validators in the Solana ecosystem fell to 23,800 SOL (about $4.8 million) last week. In comparison, the data for the previous two weeks was 42,000 SOL (about $9.9 million) and 68,500 SOL (about $17.5 million) respectively.
Since users usually pay tips to Jito validators to accelerate transactions, the decline in data indicates that trading activity is weakening.
Pumpfun's daily token graduation rate, source: the block
The market cap ceiling of Solana meme coin "large MC memecoin" is gradually declining
In addition, The Block also pointed out that the Solana meme coin market is experiencing a "euthanasia roller coaster", which means that it initially experiences a significant market trend, but the peak of each subsequent market fluctuation is gradually decreasing.
The beginning of this trend can be traced back to the $TRUMP token issued on January 18, whose FDV once reached $75 billion, and the subsequently issued $MELANIA also reached a market cap of $13 billion.
Later, the $VINE token launched by the founder of the Vine platform reached a peak market cap of 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 Dave Portnoy, the founder of Barstool Sports, reached a peak market cap of about $220 million.
The gradually decreasing peak market values of these Solana meme coins in different periods also indirectly indicate that the meme coin market craze on Solana is weakening, and the speculative sentiment is gradually cooling down.
Pancakeswap's trading volume in the last 24 hours exceeds Uniswap
On the other hand, following CZ's interaction with the test token $TST on the social platform X and the subsequent listing and promotion by Binance and the BNB Chain, there are signs that market funds are flowing into the BNB Chain.
According to Defillama, the leading DEX protocol Pancakeswap on the BNB Chain has achieved a trading volume of $302 million in the last 24 hours and $2.1207 billion in the last 7 days, surpassing well-known DEXes such as Uniswap, Raydium, and Orca, indicating the recent hot trend of the BNB Chain.
