Solana Meme Temporarily "Cooling Off"? Pump.fun Daily Trading Volume Plunges 82%
Original Article Title: "Solana Meme Season Over? Pump.fun Daily Trading Volume Plunges 82%, Launch Success Rate Down to 1%"
Original Article Author: Ting, BlockTempo from ChainNews
During this bull market, the veteran public chain Solana has become one of the prime meme coin incubation grounds due to its low transaction fees and smooth transaction experience. The token issuance platform Pump.fun sensed investors' fervent sentiment towards meme coins, not only introducing a "one-click token issuance" feature but also allowing users to freely issue meme coins, continuing to ignite the all-around issuance frenzy in the Solana ecosystem.
Pump.fun Daily Average Trading Volume Plunges 82% to Lowest Level Since Christmas
However, the recent meme frenzy on Solana has shown a clear cooling trend. According to The Block, starting from the 6th, the daily average trading volume of meme coins launched from Pump.fun to the decentralized exchange Raydium on Solana has dropped to $560 million.
This data marks the lowest level since Christmas 2024, decreasing by 82% compared to the peak single-day trading volume of $3.13 billion three weeks ago.

Furthermore, even the "token graduation rate" of Pump.fun (the probability of launching to Raydium) has also decreased. Last week, only 1.04% of Pump.fun tokens successfully launched on Raydium, while the graduation rates from the two weeks prior were 1.54% and 1.59%, respectively.
Additionally, the daily average tip amount paid to Jito validators in the Solana ecosystem dropped to 23,800 SOL (approximately $4.8 million) last week. In comparison, the data from the previous two weeks were 42,000 SOL (approximately $9.9 million) and 68,500 SOL (approximately $17.5 million).
As users typically tip Jito validators to expedite transactions, the decline in this data indicates a waning transaction activity.

Pump.fun Daily Token Graduation Rate, source: The Block
Solana Meme Coin "Gold Dog" Market Cap gradually decreasing
Additionally, The Block also pointed out that Solana's meme coin market is undergoing a process of a "roller-coaster euthanasia," referring to a situation where after initially experiencing a significant rally, each subsequent peak in price action is gradually lower.
The beginning of this trend can be traced back to the January 18 release of $TRUMP, whose FDV once reached $75 billion, followed by the issuance of $MELANIA with a market cap of $13 billion.
Subsequently, the founder of the Vine platform launched $VINE, with a peak market cap approaching $500 million; a few days later, the co-founder of Venmo issued $jellyjelly, reaching a peak market cap of $250 million; and most recently, $JAILSTOOL, promoted by Barstool Sports founder Dave Portnoy, reached a peak market cap of around $220 million.
The decreasing peak market caps of these Solana meme coins at different times indirectly indicate that the hype in the Solana memecoin market is waning, and speculative sentiment is gradually cooling off.
Pancakeswap's nearly 24-hour trading volume surpasses Uniswap
On the other hand, with Binance founder Changpeng Zhao recently interacting with the test token $TST on the community platform X, and Binance's subsequent series of listings and promotions on the BNB Chain official platform, there appears to be a flow of funds into the BNB Chain.
According to Defillama, the leading DEX protocol Pancakeswap on the BNB Chain has achieved a nearly 24-hour trading volume of $302 million and a 7-day trading volume of $2.1207 billion, surpassing Uniswap, Raydium, Orca, and various other well-known DEXs, indicating the exceptional popularity of the BNB Chain in the recent period.

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