Quick Stats
- Average daily trading volume for graduated Pump.fun tokens fell to $560 million last week—an 82% drop from its $3.13 billion peak three weeks ago.
- This marks the lowest level of trading activity since Christmas 2024.
- Only 1.04% of Pump.fun tokens graduated to Raydium last week, down from 1.54% and 1.59% in the two weeks prior.
- On-chain memecoin trading on Solana has slowed, reflecting broader market exhaustion and waning enthusiasm.
The Solana memecoin market is seeing a sharp decline in trading activity, with graduated Pump.fun tokens hitting their lowest average daily volumes since Christmas. The once-thriving sector, which experienced unprecedented speculation in late 2023 and early 2024, appears to be losing steam as traders shift focus or cash out.
According to The Block’s analysis, average daily trading volumes for graduated Pump.fun tokens have dropped to just $560 million per day over the latter half of last week. This marks an 82% decline from the all-time high of $3.13 billion in daily volume just three weeks ago. The slowdown has also been reflected in Pump.fun graduations, with only 1.04% of tokens moving to Raydium last week, down from 1.54% and 1.59% in the previous two weeks.
Solana’s on-chain trading environment—an ecosystem widely known to be where traders battle for liquidity in highly speculative memecoins—have seen notable volume cool off, with fewer tokens graduating and less money circulating in the ecosystem. Some analysts attribute this to a combination of market-wide fatigue, liquidity fragmentation, and profit-taking by early speculators.
Memecoin Frenzy Cools as Validator Tips and Market Cap Peaks Drop
The Solana memecoin market isn’t just seeing a slowdown in trading volumes, but also a sharp decline in validator tip payments, further signaling a fading speculative rush. The daily average amount of tips paid to Jito validators—used to prioritize transaction speeds—fell to 23,800 SOL (~$4.8 million) last week. In comparison, the previous two weeks saw 42,000 SOL ($9.9 million) and 68,500 SOL ($17.5 million) in tips, highlighting a clear downtrend in trading activity.
This drop directly correlates with lower trader engagement, as Solana’s memecoin ecosystem cycles through new launches with decreasing market cap ceilings. The first major peak in this cycle was the $TRUMP memecoin, which soared to a fully diluted valuation (FDV) of ~$75 billion. Following this, each new memecoin launch has failed to match the previous high, with a clear pattern of shrinking speculative appetite.
After $TRUMP, the $MELANIA memecoin followed, peaking at over $13 billion FDV. Then came $VINE, a memecoin promoted by the founder of the Vine platform, which hit nearly $500 million in market cap at its highest point. Shortly after, $jellyjelly—a pump.fun token backed by a co-founder of Venmo—reached a $250 million market cap before tumbling.
Most recently, $JAILSTOOL, a memecoin promoted by Barstool Sports founder Dave Portnoy, peaked at $220 million FDV but has since retraced significantly.
