Solana is currently holding steady, emulating the performances of Bitcoin and its key rivals, BNB and Ethereum. While the gains haven’t been substantial, SOL bulls are overcoming recent downturns. Most crucially, Solana is gradually recovering from the significant decline witnessed in late July, which saw the coin fall as low as $130 in early August.
Meme Coin Engagement Gaining Traction On Pump.fun
This retracement might be partially linked to a general cooling phase in the crypto market and a decline in meme coin activity. However, as of September 27, it seems that activity is on the rise. An on-chain analyst highlighted developments on Pump.fun, a meme coin launchpad built on Solana, indicating an increase in interest.
In the last 24 hours, over 11,800 meme coins have been launched on the meme coin launchpad. However, of the thousands released, just 193 tokens were listed on Raydium, the decentralized exchange on Solana. This indicates that despite numerous meme coins being launched, a significant majority—over 95%—fail to meet the $69,000 market cap needed for a direct listing.
In total, over two million meme coins have been introduced on the Solana blockchain via Pump.fun. At this current rate, the analyst notes that more than 51% of all tokens on Solana are meme coins launched from this platform.
Solana Could Gain From The Revival
As reported by Coingecko, all meme coins from Pump.fun hold a collective market cap exceeding $1 billion. In just the past 24 hours, these coins have generated over $307 million in trading volume. The leading coin among them is Moo Deng, boasting a market cap of over $182 million. Other liquid Pump.fun meme coins include MICHI and MOTHER.
Overall, as the ecosystem surrounding Pump.fun gains traction and more meme coins are minted, SOL prices could receive a boost. The previous bullish cycle, which pushed SOL prices above $200, was largely fueled by rising demand linked to meme coin activity.
During that upward movement, BONK, WIF, and other Solana meme coins surged, seeing market caps in the hundreds of millions. As of September 27, WIF ranks as the fourth largest meme coin, trailing only behind Dogecoin, Shiba Inu, and Pepe.
Nevertheless, concerns linger. Earlier this month, the Pump.fun address began to divest SOL holdings. On September 12, Lookonchain reported that it had sold 9,940 SOL, amounting to approximately $1.33 million.
By that time, they had offloaded over 270,000 SOL tokens. It remains uncertain if the meme coin launchpad will continue selling. Currently, Dune Analytics data indicates that the platform has amassed over $111 million in revenue.
Feature image from Canva, chart from TradingView
Dutch
English
French
German
Greek
Italian
Portuguese
Russian
Spanish