In this round of bull market, Solana, a veteran public chain, has become one of the best incubators for cryptocurrency due to its low transaction fees and smooth transaction experience. Pump.fun, the token issuance platform, senses the fervor of investors for cryptocurrency, and not only launched the “one-click coin issuance” function, but also opened up the cryptocurrency issuance for free to its users, which continues to ignite a wave of coin issuance in the Solana ecosystem.
Pump.fun’s average daily trading volume plummeted 82% to the lowest since Christmas.
Recently, however, the fandom on Solana has been cooling down significantly, with The Block reporting that the average daily volume of fiat coins traded on the decentralized exchange Raydium, which is uploaded from Pump.fun, has dropped to $560 million since the 6th of June.
This is the lowest level since Christmas Day 2024, and represents an 82 percent drop from the peak of $3.13 billion in daily volume just three weeks ago.
Not only that, but Pump.fun’s “token graduation rate” (the chance of launching into Raydium) has also decreased, with only 1.04% of Pump.fun tokens successfully launching into Raydium last week, compared to 1.54% and 1.59% in the previous two weeks.
Additionally, the average daily tip total for Jito verifiers in the Solana ecosystem dropped to 23,800 SOL (~$4.8 million) last week. This compares to 42,000 SOL (~$9.9 million) and 68,500 SOL (~$17.5 million) in the previous two weeks.
Since users typically tip Jito authenticators to expedite transactions, the drop means that transaction activity is waning.
Solana’s Labyrinth Coin ‘Golden Dog’ Market Cap Gradually Declining
Additionally, The Block notes that Solana’s cryptocurrency market is undergoing a “euthanasia roller coaster,” meaning that it is experiencing a large initial spike, but then each subsequent spike in the market is gradually decreasing.
The beginning of this trend can be traced back to the January 18th $TRUMP offering, which once had an FDV of $75 billion, and the subsequent $MELANIA offering, which had a market cap of $13 billion.
Next, $VINE, launched by the founders of the Vine platform, topped out at nearly $500 million; a few days later, $jellyjelly, issued by the co-founders of Venmo, topped out at $250 million; and the most recent launch, $JAILSTOOL, promoted by Dave Portnoy, the founder of Barstool Sports, topped out at around $220 million. These various Solana Gold Dogs from different periods of time are
The decreasing peaks in the market capitalization of these Solana gold dogs at different times also indirectly indicate that the Solana memecoin market is losing its fervor and speculative sentiment is gradually cooling down.
Pancakeswap Surpasses Uniswap in Trading Volume in the Last 24 Hours
On the other hand, with Binance founder Zhao Changpeng interacting with the test token $TST on social media platform X a while ago, as well as Binance and BNB Chain officials’ subsequent series of uploads and publicity, there seems to be a sign of market funds flowing into BNB Chain.
According to Defillama, Pancakeswap, the leading DEX protocol on BNB Chain, has reached $302 million in trading volume in the past 24 hours and $2,120.7 million in the past 7 days, surpassing Uniswap, Raydium, Orca and other well-known DEXs to top the list, which shows that BNB Chain has become very popular recently. This shows that BNBChain has been very hot recently.
