Meme coins on the Solana network have experienced significant declines over the past week as the token launchpad Pump.fun has lost favor among users. According to CoinGecko, the meme token category on Solana dropped by
21.7% in the last seven days.
Decline in Popularity
Pump.fun, which was responsible for creating 5,388 new tokens on Solana on Saturday, has seen a steep decline in activity compared to its peak of 20,465 tokens just three weeks ago. This drop in activity has directly impacted the prices of major tokens created on the platform. For instance,
Billy (BILLY) dropped by
36.9%,
Smoking Chicken Fish (SCF) fell by
37.1%, and
Michi (MICHI) decreased by
25.4%.
Impact on Meme Coins
The cooling interest in Solana's meme coins has also affected tokens that weren't created using Pump.fun. Popular tokens like
Dogwifhat (WIF),
Bonk (BONK), and
Popcat (POPCAT) are down by
24%,
17.9%, and
23.7%, respectively. Other significant losers include
Ginnan The Cat (GINNAN), which plummeted
58.6%,
Lock In (LOCKIN) down
39.6%, and
Mumu The Bull (MUMU), which fell
33.6%.
Rise of SunPump and Market Shift
Pump.fun's decline in popularity coincides with the rise of SunPump, a similar protocol created by Justin Sun on the Tron network. SunPump has flipped Pump.fun in terms of daily meme coins created, drawing attention away from Solana. As a result, Solana (SOL) itself has fallen by
18% over the week, the largest drop among the top 20 cryptocurrencies by market cap, while Tron (TRX) saw a more modest decline of
6.6%.
Read more at Decrypt.
