Solana Meme Coins Crash: Pump.fun’s Decline Leads to 21.7% Weekly Loss
Solana Meme Coin– Over the past week, Solana-based meme coins have been hit hard, experiencing significant declines as the once-popular token launchpad Pump.fun sees a sharp drop in activity. According to CoinGecko, the meme coin category on Solana has plummeted by 21.7%, making it one of the biggest losers in the crypto space.
Pump.fun’s Decline: A Sharp Drop in Token Creation
Pump.fun, once a thriving hub for meme coin creation on the Solana blockchain, is now witnessing a steep decline. On Saturday alone, the platform was responsible for the creation of 5,388 new tokens on Solana, as reported by Dune Analytics. However, this number pales in comparison to its peak just three weeks ago, when Pump.fun saw 20,465 tokens deployed in a single day.
Major Meme Coins Take a Hit: BILLY, SCF, and MICHI Plummet
As Pump.fun’s popularity wanes, the prices of some of its most notable tokens have taken a nosedive. Billy (BILLY) has seen a massive 36.9% drop over the past week, while Smoking Chicken Fish (SCF) and Michi (MICHI) have fallen by 37.1% and 25.4%, respectively.
Broader Impact: Solana’s Meme Coin Market Struggles
The downturn isn’t limited to tokens created on Pump.fun. The cooling interest in Solana meme coins has spread across the board, impacting other popular tokens that weren’t created using the Pump.fun platform. Network favorites such as Dogwifhat (WIF), Bonk (BONK), and Popcat (POPCAT) have seen significant declines of 24%, 17.9%, and 23.7%, respectively.
Additionally, other major meme coins on Solana have suffered even steeper losses. Ginnan The Cat (GINNAN) has plummeted by a staggering 58.6% over the past week, Roaring Kitty meme Lock In (LOCKIN) has slipped by 39.6%, and Mumu The Bull (MUMU) is down 33.6%.
Traders Migrate: The Rise of Tron’s SunPump
Pump.fun’s decline is not without consequence for the Solana ecosystem. The meme coin factory played a crucial role in keeping degenerate crypto traders engaged on Solana. However, with the recent slowdown, many traders are now looking elsewhere, particularly at Justin Sun’s SunPump on the Tron network, which has emerged as a significant competitor. This migration of traders is likely contributing to the overall slump in Solana’s meme coin market.
Bright Spots: FWOG and r/snoofi See Gains
Despite the overall downturn, not all is lost for Pump.fun tokens. Fwog (FWOG) has defied the trend, posting a 34.6% increase over the past seven days. Similarly, Reddit-themed dog coin r/snoofi (R/SNOOFI) has surged by 42%, offering some hope for the platform’s community.
Solana’s Price Falls: A Worrying Trend
The struggles of the meme coin market have had a broader impact on Solana’s overall performance. Over the past week, Solana (SOL) has fallen by 18%, the largest drop among the top 20 cryptocurrencies by market cap. In comparison, Tron (TRX) has experienced a more modest decline of 6.6%, while market leader Bitcoin (BTC) is down 8.1% over the same period.
FAQs
What caused the recent decline in Solana meme coins?
The recent decline in Solana meme coins is largely attributed to the drop in popularity of the token launchpad Pump.fun. This platform saw a significant decrease in new token creations, leading to a broader loss of interest in Solana-based meme coins.
How much have Solana meme coins dropped in value?
Over the past week, the category of Solana meme coins has dropped by 21.7%, with some major tokens like Billy (BILLY) and Smoking Chicken Fish (SCF) falling by 36.9% and 37.1%, respectively.
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