Solana's Memecoin Mania Cools Off

After months of excitement, the frenzy around the launch of tokens on Solana is slowing down significantly. Pump.fun, the leading memecoin launch platform, is experiencing a marked decline in its activity and revenues. Between growing distrust and market exhaustion, the enthusiasm for these ultra-speculative tokens seems to be fading.

Why is the frenzy of Solana memecoins slowing down?

According to recent data, the number of new tokens launched daily on Solana dropped to 49,779 on February 19, down from a record of 95,578 on January 26. This level is the lowest recorded since January 1, 2025. Even worse, the Pump.fun platform saw its activity fall to 35,152 new tokens, marking its weakest day since Christmas 2024.

This decline in activity is of course accompanied by a collapse in revenues. According to Dune Analytics, Pump.fun generated only $1.69 million on February 19, its lowest level since November 2024.

Memecoins Under Pressure

While memecoins have significantly contributed to the surge of token launches on Solana in recent months, they are now under fire. Many of them are criticized for their highly speculative nature and links to scams. Investors are becoming more cautious in the face of the risks of Rug Pulls and market manipulation, common practices in the memecoin universe.

Moreover, recent scandals have heightened distrust surrounding memecoins. The fiasco of the Libra token, which ruined over 13,000 investors, illustrates the risks of these ultra-speculative projects. Similarly, the launch of a memecoin by the Central African Republic raised questions about the legitimacy of some initiatives. These events have amplified the sense of fear, pushing many investors away from this volatile market.

Despite this slowdown, Solana remains one of the most dynamic networks in the crypto ecosystem. However, this decline in enthusiasm for token launches may signal a consolidation phase following a period of exuberance. It remains to be seen whether Pump.fun and other similar platforms will be able to regain ground or if the memecoin industry is experiencing a lasting slowdown.