Memecoins remain the preferred tool for speculation, while Solana is the dealer in this "casino."

Author: Nico

Translation: Deep Tide TechFlow

I have been in the "trenches" for quite a while, and on Crypto Twitter (CT), many claim they have "died."

Compared to a few months ago, the trading volume generated by trading meme coins is not what it used to be, and the $TRUMP coin undoubtedly marks a local peak in the market share, trading volume, and liquidity appeal of meme coins.

Back then, the price of $SOL had reached $290, BTC was over $100,000, and the bull market was in full swing. Since then, BTC has fallen back to the $74-88k range, and SOL hit a local low of $95. However, SOL has now risen to over $140 (a 46% increase in just 15 days), and BTC has also rebounded to over $90k, so we need to reassess the current situation.

Despite the lower price of SOL, coupled with the generally bearish sentiment and boring atmosphere in the market, the data paints a different picture. Let's take a look at the data for April so far:

@pumpdotfun has generated approximately $650 million to date, with daily trading volumes in April ranging from $1 million to $2.7 million, averaging in the higher range of about $1.5 million to $2 million.

As the price of SOL rises and the trading volume related to the TRUMP coin declines, trading volume in April has begun to rebound significantly. With the launch of PumpSwap and almost instantaneous migration, the dynamics surrounding the migration event have smoothed the trading experience. This can be seen in the increase in total weekly trading volume.

So far, 9.7 million tokens have been created, with 20,000 to 40,000 tokens going live daily in April, and 100 to 350 tokens "graduating" each day (with a graduation rate of 0.4% to 0.8%).

The declining trend in graduation rates over time is related to the decrease in users and trading volume, indicating a higher proportion of player-to-player (PVP) trading in the trenches, as small groups bundle supplies for mutual sell-offs when new tokens launch. When they cannot attract additional liquidity to bind the tokens, they choose to exit early.

Active Users

During the peak from December 2024 to February 2025, PumpFun meme coins had 200,000 to 400,000 users trading daily. Since then, the number of users has been on a downward trend, remaining below 200,000 for the past two months.

Currently, there are about 150,000 active wallets daily, distributed relatively evenly between existing/reused and new wallets. It should be noted that most traders will trade across multiple wallets and will at least occasionally switch their active wallets.

Trading Bot Statistics

As is well known, most meme coin trading activity occurs on the top five terminals, such as @AxiomExchange,

@bullx_io, @tradewithPhoton, @gmgnai, and @TrojanOnSolana.

These data are generally consistent with what we have observed, totaling over 100,000 users and more than $100 million in daily trading volume.

Platform Asset Management Scale and Fee Situation

On these platforms and others, the value of SOL circulating in the meme coin market may exceed $200 million. In the next article, I will assess the total value of all liquidity pools and tokens.

PumpSwap

PumpSwap's daily trading volume ranges from $300 million to $480 million, accounting for 9-19% of Solana's decentralized exchange (DEX) trading volume. Since all new PumpFun tokens are released and traded on PumpSwap, this means that tokens released before PumpSwap still see significant trading through Raydium/Meteora.

PumpSwap is a very clever move by the PumpFun team, charging a fee of 0.25%, of which 0.020% goes to liquidity providers (LPs) and 0.05% belongs to the protocol.

In the first month since its launch, PumpSwap has generated approximately $25 million in total fees (with daily earnings of $100,000 to $240,000), of which LPs earned about $20 million, and the remaining $5 million belongs to the protocol.

As PumpSwap's market share steadily grows, I expect this number to increase, as we see more and more people choosing to trade new tokens rather than old ones.

Prioritizing trading new coins aligns with my argument about how the meme coin space will continue to evolve. There is no doubt that the "trenches" of meme coins have recently become more challenging, as the remaining active participants are all seasoned veterans who have persevered through the difficult times of lower SOL prices, reduced trading volume, and fewer users.

The meme coin space relies on attracting new liquidity in the form of new users, initially coming from concessions made by more serious crypto investors/industry participants seeking faster returns than the altcoins they are currently losing on.

As the entire space grows, retail participants are also beginning to venture into these deep-water trenches.

Memecoins remain the preferred tool for speculation, while Solana is the dealer in this "casino." Due to the ease of understanding these coins and the low barrier to entry, along with their highly asymmetric upside potential, they are more attractive to new traders. New things happen every day, and everything can be tokenized: people, content, events, memes, etc., so the related content is almost endless.

People have grown tired of DeFi (decentralized finance) coins that require fine management and often a deep understanding of protocol design and dynamics. Beyond meme coins, the few projects I am willing to bet on are Hyperliquid and its ecosystem, as well as Fartcoin, which has gained attention due to "hot air rising."

Did you think the trenches had disappeared? The work is not done; this is just the beginning.

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