Bitrabo Editorial
At the moment, Solana is showing steady performance, similar to Bitcoin and its primary rivals, BNB and Ethereum. Although the price gains have been modest, SOL enthusiasts are overcoming previous setbacks. Notably, Solana is bouncing back from the decline experienced in late July, when its value fell to around $130 in early August.
Growing Activity in Meme Coins on Pump.fun
The recent decline could be linked to a slowdown in the cryptocurrency market and a decrease in meme coin activity. Nonetheless, as of September 27, there are signs of a resurgence. An on-chain analyst noted that interest is increasing in Pump.fun, a platform for launching meme coins on Solana, as highlighted in a recent tweet.
In the last day, more than 11,800 meme coins have been created on this launchpad. Out of these, only 193 tokens managed to be listed on Raydium, Solana’s decentralized exchange. This indicates that a staggering majority, over 95%, of these newly launched meme coins do not meet the $69,000 market cap threshold necessary for listing.
In total, the Pump.fun platform has seen over two million meme coins created on Solana’s advanced blockchain. The analyst points out that meme coins from this platform now represent over 51% of all tokens on Solana.
Potential Upsurge for Solana
As reported by Coingecko, the meme coins from Pump.fun have a collective market cap exceeding $1 billion. In just the past 24 hours, these meme coins have generated a trading volume of over $307 million. The most prominent among them is Moo Deng, boasting a market cap surpassing $182 million. Other noteworthy liquid meme coins on Pump.fun include MICHI and MOTHER.
With the Pump.fun ecosystem gaining traction and a rising number of meme coins being launched, this could positively affect SOL’s price. The bullish momentum that previously pushed SOL above $200 was largely fueled by the growing interest in meme coins.
During that bullish phase, various Solana-based meme coins like BONK and WIF saw extraordinary rallies, raking in significant market capitalizations. As of September 27, WIF ranks as the fourth largest meme coin, trailing only behind Dogecoin, Shiba Inu, and Pepe.
Nonetheless, there are some worries. Recently, the Pump.fun address started liquidating its SOL holdings. On September 12, Lookonchain reported that it sold off 9,940 SOL for approximately $1.33 million.
At that point, they had sold more than 270,000 SOL. It remains uncertain whether the meme coin launchpad will continue this selling trend. Currently, Dune Analytics indicates that the platform has earned over $111 million in revenue.