New coins over old ones doesn't completely work in the Memecoin space.

Written by: Nico

Translated by: Ethan, Odaily Planet Daily

I have been deep in the "trenches" of cryptocurrency trading for quite some time, and at this moment, many crypto enthusiasts on X are claiming that this field is "dead."

Currently, the trading volume generated by Memecoins is not at the levels it was a few months ago. TRUMP did indeed reach a local peak in market share, trading volume, and liquidity attraction in the Memecoin space. At that time, the price of SOL was as high as $290, and BTC broke the $100,000 mark, with the entire bull market in full swing. Subsequently, BTC retraced to the 74-88K range, and SOL formed a local low at $95. But now SOL has strongly rebounded to above $140 (a 46% increase in 15 days), and BTC has also returned to the $90,000 mark, making it time to reassess the current situation.

Despite the decline in SOL prices, the generally bearish market sentiment, and the prevailing fatigue, the data presents a different picture. Let's look at the statistics from April to date:

The pump.fun platform has generated approximately $650 million in trading volume so far, with an average daily trading volume fluctuating between $1 million and $2.7 million, averaging at a high of $1.5-2 million.

After the decline in trading volume during the high price period of SOL and the TRUMP craze, the trading volume in April has significantly rebounded. With the launch of PumpSwap and an almost seamless migration mechanism, the trading experience surrounding token migration events has been optimized, reflected in the continuous rise in weekly trading volume on the platform.

So far, 9.7 million tokens have been created, with an average daily issuance of 20,000 to 40,000 tokens, and 100 to 350 tokens graduating each day, maintaining a graduation rate of 0.4-0.8%.

The phenomenon of decreasing graduation rates over time is related to the decline in users and trading volume, indicating that more small groups in the current "trenches" are hoarding chips during new token issuances, and then dumping on each other. When they cannot attract enough liquidity to maintain token prices, these groups often choose to withdraw their investments early.

Active User Analysis

During the peak period from December 2024 to February 2025, 200,000 to 400,000 users traded Memecoins through pump.fun daily. After that, the number of users continued to decline, remaining below 200,000 for the past two months. Currently, the number of daily active wallets is stable at around 150,000, with a balanced ratio of new and old users. It is worth noting that most "trench" traders use a multi-wallet strategy and regularly change their active wallets.

Trading Bot Data Overview

As is well known, Memecoin trading activity is highly concentrated among the top five trading terminals:

• @AxiomExchange
• @tradewithPhoton
• @gmgnai
• @TrojanOnSolana

Here are the key metrics comparison (daily dimension):

These platforms collectively contribute over 100,000 daily active users and $100 million in daily trading volume, consistent with market observations.

Platform cumulative fees and assets under management (AUM) estimates (SOL at $140):

• Bullx: Cumulative fees of $186 million | AUM 215,000 SOL (approximately $30 million)
• Axiom: Cumulative fees of $39 million | AUM estimated to be comparable to Bullx (possibly slightly lower)
• Photon: Cumulative fees of $382 million | AUM 539,000 SOL (approximately $82.6 million)
• GMGN: Cumulative fees of $66 million | AUM estimated to be at least half of Bullx

It is estimated that the total liquidity value of SOL circulating in the Memecoin space exceeds $200 million. The next article will delve into the total value of all liquidity pools (LP) and tokens.

PumpSwap Ecosystem Observation

PumpSwap currently has a daily trading volume of $300 million to $480 million, capturing 9-19% of the DEX trading volume on the Solana chain. Notably, since all new pump.fun tokens are issued and traded on PumpSwap, it indicates that a significant amount of trading is still occurring on old tokens traded through Raydium/Meteora.

PumpSwap charges a 0.25% trading fee, of which:

• 0.20% is allocated to liquidity providers (LP)
• 0.05% belongs to the protocol

In its first month, it generated approximately $25 million in fees (averaging $100,000 to $240,000 daily), with liquidity providers earning $20 million and the protocol earning $5 million. As PumpSwap's market share continues to expand (currently showing a stable growth trend), this data is expected to continue to rise, confirming the trend that traders prefer new tokens over old ones.

Insights

The priority trading model for new tokens aligns perfectly with my predictions for the development of the Memecoin space. The recent difficulty of survival in the "trenches" has become an open secret, with the remaining players mostly being "veterans" who have endured the winter trials of low SOL prices, shrinking trading volumes, and user losses.

The vitality of the Memecoin space depends on the injection of new liquidity, initially sourced from seasoned crypto investors who are trapped in losses from mainstream altcoins and are seeking quick profit opportunities. As the space expands, retail investors are also beginning to venture into this high-risk, high-reward "deep water zone."

Compared to DeFi tokens that require meticulous operation and a deep understanding of protocols, Memecoins, with their low barriers to entry, high asymmetric returns (i.e., low investment with high return potential), and limitless creative space for tokenization (people/content/events/memes, etc.), remain the preferred vehicle for speculative activities. Solana firmly holds the dealer's seat in the "crypto casino."

If you ask me about potential opportunities in other fields? Aside from Memecoins, Hyperliquid and its ecosystem, as well as fartcoin (because "hype" is always rising) may hold opportunities. But if anyone thinks the "trenches" are dead— the mission is not yet complete; everything is just beginning.

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