As a seasoned researcher with a penchant for all things blockchain and crypto, I find myself intrigued by the recent developments on Solana, particularly the surge in meme coin activity on Pump.fun. My personal experience has taught me that the world of cryptocurrencies is a rollercoaster ride, filled with unexpected twists and turns.
At the moment, Solana maintains its pace alongside Bitcoin, BNB, and Ethereum. While the gains aren’t dramatic, the SOL supporters are overcoming minor setbacks. Notably, Solana is rebounding from a dip that occurred at the end of July, which caused the coin to plunge to around $130 in early August.
Meme Coin Activity Picking Up Steam On Pump.fun
The decrease in value could be partially explained by the overall slowdown happening within the crypto market and less activity surrounding meme coins. However, as of September 27th, there seems to be an increase in momentum. One analyst tracking on-chain data, specifically pointing towards advancements in Pump.fun – a meme coin launchpad on Solana, has noticed a surge in interest.
In the past day, more than 11,800 new meme coins have been introduced on the meme coin launchpad. Yet, out of all those launched, only a small fraction, about 193 tokens, managed to get listed on Raydium, Solana’s decentralized exchange. This indicates that over 95% of the newly created meme coins fail to meet the $69,000 market cap threshold for immediate listing.
In total, more than two million meme-based cryptocurrencies have been generated on contemporary blockchains through Pump.fun. This rate suggests that over half (51%) of all tokens on the Solana network are meme coins originating from the meme coin launch platform.
Solana Might Benefit From The Resurgence
As per CoinGecko’s report, the meme coins created by Pump.fun collectively hold a market capitalization above $1 billion. In the last 24 hours, their combined trading volume surpassed $307 million. The most valuable among these is Moo Deng, with a market cap of over $182 million. Additionally, MICHI and MOTHER are other notable liquid meme coins from Pump.fun.
In essence, with the growing popularity of the Pump.fun system and an increase in the creation of meme coins, it’s possible that Solana (SOL) prices could rise. The previous bull market that propelled SOL prices beyond $200 was largely fueled by increased demand, predominantly stemming from activity surrounding meme coins.
Recently, Bonk, Wagmi-Inu (WIF), and other Solana-based meme coins experienced a significant surge in value, resulting in a substantial increase in their market capitalization. As of September 27th, Wagmi-Inu ranks fourth among meme coins, just behind Dogecoin, Shiba Inu, and Pepe.
Still, there are concerns. Early this month, the Pump.fun address began unloading SOL. On September 12, Lookonchain revealed that they sold 9,940 SOL worth around $1.33 million.
By then, they had offloaded over 270,000 SOL. It is unclear whether the meme coin launchpad will resume selling. At press time, Dune Analytics data shows the platform has generated over $111 million in revenue.
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2024-09-28 03:41