The adage "trade new, not old" doesn't fully hold true in the world of Memecoins. Having spent considerable time in the trenches of cryptocurrency trading, I've witnessed firsthand the cyclical narratives—including recent claims on Platform X that this sector is "dead."
While current Memecoin trading volumes pale in comparison to their peak months ago—when TRUMP dominated market mindshare—context matters. Back then, SOL traded at $290, BTC breached $100K, and the bull market roared. Subsequent corrections saw BTC stabilize between $74K-$88K, while SOL bottomed locally at $95. Now, with SOL surging 46% to $140+ in 15 days and BTC reclaiming $90K, it's time for a fresh assessment.
Market Resilience Beyond the Surface
Despite SOL's downturn and prevailing bearish sentiment, data tells a different story. Key metrics from April onward:
- pump.fun has generated ~$650M total volume, with daily April figures fluctuating between $1M-$2.7M (avg. $1.5M-$2M).
- Post-TRUMP hype, April saw notable volume recovery—coinciding with PumpSwap's launch, which streamlined token migrations and boosted weekly activity.
- Of 9.7M tokens created, April averaged 20K-40K new issuances daily, with 100-350 tokens "graduating" (0.4%-0.8% graduation rate).
Declining graduation rates reflect smaller groups hoarding new tokens, then dumping them when liquidity dries up—a sign of today's grittier "trench warfare."
User Activity Breakdown
- Peak daily users (December 2024-February 2025): 200K-400K.
- Current stabilization: ~150K daily active wallets, split evenly between new and returning users.
- Note: Most traders employ multi-wallet strategies, rotating active addresses frequently.
Bot Trading Highlights
Memecoin trading concentrates heavily among five platforms:
- @AxiomExchange
- @tradewithPhoton
- @gmgnai
- @TrojanOnSolana
Key Metrics (Daily)
👉 Explore leading bot platforms
These collectively drive:
- 100K+ daily active users
- $100M+ daily trading volume
Platform Fees & AUM (SOL priced at $140)
| Platform | Cumulative Fees | AUM (SOL) | AUM (USD) |
|---------------|-----------------|----------------|----------------|
| Bullx | $186M | 215K | ~$30M |
| Axiom | $39M | ≈Bullx | Slightly lower |
| Photon | $382M | 539K | ~$82.6M |
| GMGN | $66M | ≥50% of Bullx | - |
Total SOL liquidity in Memecoins exceeds $200M—a topic we’ll deep-dive next time.
PumpSwap Ecosystem Dynamics
- Daily Volume: $300M-$480M (9%-19% of Solana DEX market share).
- Fee Structure: 0.25% per trade (0.20% to LPs, 0.05% to protocol).
- First-Month Revenue: ~$25M fees ($10K-$240K daily), with $20M to LPs and $5M to protocol.
👉 Why PumpSwap's growth matters
This upward trajectory confirms traders’ preference for new tokens over legacy ones.
Key Takeaways
- New Tokens Dominate: Survival in today’s trenches favors veterans who endured SOL’s lows and thinning liquidity.
- Liquidity Inflows: Initially from altcoin-weary investors, now including retail speculators.
- Solana’s Edge: Low-barrier, high-creativity Memecoins cement Solana as crypto’s "casino" of choice.
FAQ
Q: Is the Memecoin trend dying?
A: Far from it—renewed SOL momentum and infrastructure like PumpSwap suggest otherwise.
Q: What besides Memecoins offers opportunity?
A: Hyperliquid’s ecosystem and niche assets like fartcoin (niche appeal) show promise, but Memecoins remain the speculative frontrunner.
Q: Why do graduation rates keep dropping?
A: Smaller groups gaming new launches create fragile liquidity, accelerating sell-offs pre-maturity.
Memecoins thrive not despite volatility, but because of it. As SOL rebounds, the game evolves—but the playbook remains: adapt or exit.
🚀 For those declaring the trenches "dead"—you’re mistaking a lull for a finale.