In summary
- Meme coins on Solana were some of the biggest losers last week, with the memcoin category down 21.7%.
- Pump.fun, responsible for the creation of 5,388 tokens on Solana, saw a decline in activity, affecting the prices of tokens such as Billy (BILLY) and Smoking Chicken Fish (SCF).
- Solana fell 18% over the week, marking the largest drop of any of the top 20 cryptocurrencies by market cap.
Meme coins on Solana emerged among the biggest losers last week, as token launcher Pump.fun fell out of favor, with the memecoin category plummeting 21.7% on the week, according to data from CoinGecko.
On Saturday, Pump.fun was responsible for the creation of 5,388 tokens on Solana, according to data from Dune. To put this into perspective, just three weeks ago, the protocol peaked, deploying 20,465 tokens.
As Pump.fun’s stats have dropped, the prices of some major tokens created by the protocol have also dropped. Billy (BILLY) fell by 36.9% over the week, Smoking Chicken Fish (SCF) has dropped by 37.1%, and Michi (MICHI) has dropped by 25.4%.
The waning interest in Solana meme coins over the past week has also extended to tokens that were not created using the Pump.fun meme coin factory.
Network favorites Dogwifhat (WIF), Bonk (BONK), and Popcat (POPCAT) are down 24%, 17.9%, and 23.7% respectively on the week. Other notable losers include Neiro-related token Ginnan The Cat (GINNAN), which is down 58.6% over the past week, Roaring Kitty meme Lock In (LOCKIN) which is down a significant 39.6%, and Mumu The Bull (MUMU), which reported a 33.6% drop.
While none of these tokens originated from Pump.fun, the meme coin factory was a major factor in keeping crypto traders on Solana (SOL). But it seems degens traders are looking elsewhere, as the statistics for the launch have started to dwindle.
However, it’s not all doom and gloom for Pump.fun tokens. Fwog (FWOG) is up 34.6% over the past 7 days, while Reddit-themed dog coin r/snoofi (R/SNOOFI) is up 42%. In good news for the platform’s team, Pump.fun’s total revenue surpassed $100 million over the weekend, according to data from Dune, just nine months after its launch.
Pump.fun started to lose popularity after the creation of SunPump, a similar protocol created by Justin Sun on the Tron network, with several degens traders migrating from Solana to Tron.
Two weeks ago, SunPump surpassed Pump.fun in daily meme coin creation, a sign that it had captured the attention of traders.
On the other hand, Solana is down 18% for the week, marking the largest drop of any of the top 20 cryptocurrencies by market cap. By comparison, Tron (TRX) is down a more modest 6.6% over the same time frame, less than market leader Bitcoin (BTC), which is down 8.1% for the week.
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