Decline in Memecoin Launches on Solana
Interest in meme coins on Solana is waning, with the platform experiencing its weakest performance in five months. According to Solana Floor, the number of memecoin launches on pump.fun has dropped significantly over the past five months. From August 5th to August 11th, an average of 15,217 tokens were launched daily. By the end of last week, this number had fallen by 47% to 8,003. Analysts noted, “On August 25, only 5,987 tokens were deployed on pump.fun, marking the lowest number of launches since March 28. This sharp decline suggests that interest in new coins is decreasing and traders are becoming overwhelmed by the sheer volume of the memecoin market.” Additionally, Dune Analytics reported a decline in trading volumes for Solana-based memecoins.
Drop in Revenue for pump.fun
Alongside the decrease in activity, pump.fun’s revenue has also fallen. At the beginning of August, the platform earned about 5,880 SOL per day from commissions. This figure has since dropped by 40% to 3,539 SOL. “Although the decline in average daily revenue was significant, it was primarily due to high activity on the day of Musk and Trump’s conversation at X Space. This significant event boosted activity on pump.fun to unprecedented levels, allowing the site to earn over 35,000 SOL. In addition to the decrease in activity, the drop in pump.fun’s revenue can also be attributed to recent changes in the platform’s mechanics. On August 9, the project announced the cancellation of token creation fees, which previously amounted to $2,” explained Solana Floor experts.
SunPump’s Growth at pump.fun’s Expense
While pump.fun’s trading volumes and revenues on Solana are dwindling, SunPump on TRON is witnessing substantial growth. Traders are increasingly turning to the memecoin creation platform SunPump. To attract more stakers, Justin Sun announced an update increasing the network’s energy limit to 120 billion. “TRON Community Proposal #92 has been implemented, raising the energy limit to 120 billion. This means TRX stakers can conduct more transactions, reducing fees and increasing network activity. I am impressed with how the TRON community has realized this proposal,” Sun wrote. Recently, the creator of the TRON blockchain announced his intention to expand market share and increase the network’s profits. According to him, reducing transaction fees will boost the number of transfers to 20 million per day within three months.
My name is Jay Skrantz, and I’ve been a freelance writer for 10 years, concentrating largely on investment brokerage, mutual fund investing, and financial analysis topics. As a reporter, I’ve written extensively for a wide variety of sites and publications like SeekingAlpha, MoneyShow, and MotleyFool. I’ve also done substantial freelance work for a number of financial publications, including MarketWatch, CIO Magazine, and TheStreet.
