Solana’s Meme Coin Factory Deteriorating With Cratering Volumes

As a seasoned analyst with over two decades in the financial markets under my belt, I’ve witnessed countless trends come and go. From dot-com mania to the crypto craze, I’ve seen it all. So, let me share my thoughts on Pump.fun, the Solana-based meme coin factory that’s been making headlines lately.


As a researcher delving into the realm of cryptocurrencies, I’ve noticed a significant drop in transactions on Pump.fun, the premier Solana-based meme coin manufacturing platform. This observation is based on data sourced from Dune Analytics.

At Pump.fun, users can easily set up their own meme coins and share them – this user-friendly platform has quickly attracted many beginners, leading to its rapid popularity. To create a new token, all you need is to think of a name, select the ticker symbol, upload an image, and make a small payment.

As a researcher, by the end of May, I found myself at the epicenter of the buzz surrounding the celebrity-backed meme coin phenomenon with the emergence of Pump.fun. Notable figures like the Australian rapper, Iggy Azalea, hopped on the trend, adding fuel to the frenzy.

Last month, the Solana-based meme coin factory ended up surpassing Ethereum by daily revenue.

Based on the most recent figures from Dune Analytics, it’s been estimated that a total of 1,727,219 tokens are currently active on the platform Pump.fun.

Even with a decrease in interest, Pump.fun remains among the leading projects in terms of daily fees, as reported by DefiLlama. On a Saturday alone, it collected approximately $922,582 in fees, placing it sixth (after Lido, Juto, Ethereum, Solana, and Tron).

It appears that the decrease in transactions might be linked to the fall of celebrity-backed meme coins. These meme coins have experienced a significant drop (as anticipated) in a short amount of time following an initial phase of intense speculation. For example, Iggy Azalea’s MOTHER meme coin has dropped almost 80% from its highest point.

According to U.Today’s report, Ethereum co-creator Vitalik Buterin voiced his disapproval of the trend involving meme coins endorsed by celebrities, primarily because they seem devoid of practical use.

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2024-08-11 13:16