Solana Pump.fun tokens hit record-low trading volumes since Christmas – Is the meme craze fading?
Journalist
Posted:
- Solana Pump.enjoyable tokens buying and selling quantity dropped by 81% in two weeks.
- The weak sentiment is a part of a broader altcoin market rout.
Solana[SOL] Pump.enjoyable tokens, largely dominated by meme cash, have misplaced vital traction in February.
Notably, in mid-January, Pump.enjoyable tokens’ buying and selling quantity peaked at $3.1B on Raydium, a decentralized change.
Two weeks later, the ecosystem’s buying and selling quantity dropped to $569M — a whopping 81% decline.
Supply: The Block
It’s price mentioning that the mid-January large quantity additionally coincided with the TRUMP and MELANIA meme-coin launch. TRUMP briefly hit $75B in FDV (absolutely diluted worth) whereas MELANIA pumped to $13B FDV.
Each have been launched on Solana and contributed to the huge quantity seen in January. Nonetheless, in addition they sucked liquidity from different tokens.
The estimated $10B broader market de-leveraging occasion in early February, dented the market sentiment additional.
The broader altcoin market weakens
To place the latest liquidation cascade into perspective, the altcoin market misplaced $234B in two weeks.
Merely put, the muted memecoin buying and selling quantity is a part of a broader market slowdown after an enormous liquidation occasion and macro uncertainty.
Supply: Glassnode
Since final December, the altcoin market cap has dropped from $1.896T to $1.450T. Practically $450B has been wiped from the sector prior to now two months.
Regardless of the decline, some high Pump.enjoyable gems with appreciable dominance have been inside the AI/DeFAI narrative.
Fartcoin topped the chart, whereas AI Rig Advanced (ARC) got here in second. Different AI tokens like Griffain and ACT have been inside the high 10 Pump.enjoyable tokens by market cap.
Supply: Coingecko
On condition that the AI narrative dominates the ecosystem, they may get better quicker if the market sentiment improves than different conventional memecoins.
