Analysis of the Current Situation of Memecoins: Market Sentiment is Low but Data Remains Good

Memecoin is still the preferred tool for speculation, while Solana is like a casino / market maker.

Written by: Nico, Crypto KOL

Compiled by: Felix, PANews

Recently, many people on social media have claimed that the Memecoin "is dead."

The trading volume of Memecoins is not as high as in the previous months, while Trump Coin ($TRUMP) has undoubtedly reached a local peak in terms of recognition, trading volume, and liquidity attractiveness in the Memecoin space.

However, at that time, SOL was at a high point of 290 dollars, BTC surpassed 100,000 dollars, and the bull market was in full swing. Subsequently, the BTC price fell back to 74,000-88,000 dollars, while SOL hit a local low of 95 dollars. However, SOL has now broken through 140 dollars (up 46% in just 15 days), and BTC has also risen back to over 90,000 dollars. Let's reassess the current situation together.

Despite the low SOL price, the market is generally bearish and sentiment is low, but the data presents a different picture. Here are the data from April so far:

Pump.fun has generated approximately $650 million in revenue to date. In April, the daily income ranged from $1 million to $2.7 million, averaging in the higher range of $1.5 million to $2 million.

As the price of SOL rises and trading volume declines during the Trump event, trading volume began to rebound significantly in April, and with the launch of Pumpswap and nearly instant migration, the trading experience has become smoother. This can be seen from the increase in weekly total trading volume.

Related reading: From former allies to direct confrontation, a data perspective on the essence of the "civil war" between Pump.fun and Raydium.

A total of 9.7 million tokens have been created so far, with 20,000 to 40,000 tokens launched daily in April, and 100 to 350 tokens graduating each day (graduation rate of 0.4% to 0.8%).

Over time, the decline in graduation rates is related to the decrease in user numbers and trading volumes, indicating a higher proportion of player-versus-player (PvP) activity in a competitive environment. Small groups hoard supplies when new projects are launched and engage in mutual dumping, and when they cannot attract the additional liquidity required for binding tokens, they decide to exit early.

Active Users

During the peak period from December 2024 to February 2025, the daily average number of trading users for Pump.fun Memecoins reached between 200,000 and 400,000. Since then, it has shown a declining trend, remaining below 200,000 for the past two months.

Currently, the number of daily active wallets is stable at around 150,000, with the number of existing/reused wallets and new wallets being roughly equivalent. It is important to note that most miners will transact on multiple wallets and will at least occasionally switch active wallets.

Trading Bot Data

As we all know, most Memecoin trading activities occur on the top five platforms, such as Axiom, BullX, Photon, GMGN, and Trojan. The specific details are as follows:

Platform | Daily Active Users (DAU) | Daily Trading Volume | Daily Number of Trades

• Axiom: Daily active users 17,000-30,000 | Daily trading 20-33 million USD | Daily transactions 700,000-1.5 million
• Bullx: Daily active users 20,000 - 30,000 | Daily trading volume 20 - 33 million USD | Daily transactions 200,000 - 400,000
• Photon: Daily active users 18,000 - 27,000 | Daily trading volume 30 - 50 million USD | Daily transactions 250,000 - 350,000
• GMGN: Daily active users 10,000-18,000 | Daily trading volume 8-20 million USD | Daily transactions 180,000-290,000
• Trojan: Daily active users 14,000 - 25,000 | Daily trading volume 7 million - 30 million USD | Approximately 200,000 daily transactions

This roughly matches the observed situation, with an increase of about 100,000+ users and a daily trading volume of over 100 million dollars.

Lifetime Fees and Assets Under Management (SOL on the platform)

• Bullx: $186 million | Assets under management: 215,000 SOL approximately $30 million
• Axiom: 39 million USD | Managed assets: Unknown, but estimated to be similar to Bullx, possibly slightly lower.
• Photon: $382 million | Managed assets: 539,000 SOL approximately $82.6 million
• GMGN: $66 million fee | Managed assets: unknown, but estimated to be at least half of Bullx.

The circulating liquid SOL value in the Memecoin sector on relevant and other platforms may exceed 200 million dollars.

PumpSwap

Pumpswap's daily trading volume ranges between $300 million and $480 million, accounting for 9% to 19% of Solana's decentralized exchange trading volume. Since all new Pump.fun tokens are issued and traded on Pumpswap, this means that a significant amount of trading still occurs with early issuance tokens traded through Raydium/Meteora.

The launch of Pumpswap is a wise move by the Pumpfun team, who charge a fee of 0.25%, with 0.02% allocated to liquidity providers (LP) and 0.05% allocated to the protocol.

In the first month after launch, Pumpswap generated approximately $25 million in total fees (ranging from $100,000 to $240,000 daily), of which LPs received about $20 million, and the remaining $5 million was allocated to the protocol.

As the market share of Pumpswap is expected to continue to grow (which has been steadily increasing), this number is likely to keep rising because people tend to trade new tokens rather than old tokens.

The view on how the priority trading of new coins and the Memecoin sector will continue to develop is in line with this. Recently, the competition in the Memecoin sector has become increasingly fierce, and this is no secret, as the remaining active participants are all seasoned veterans who have held their ground even during the difficult times when SOL prices fell and trading volume and users decreased.

The Memecoin sector relies on new liquidity brought by new users, with initial liquidity coming from those calmer crypto investors/industry participants who "surrender" due to the continuous devaluation of the altcoins they hold, and turn to seek quicker returns.

As the entire market continues to grow, retail investors are also starting to get involved.

Players have grown tired of DeFi tokens that require careful management and a deep understanding of protocol design and dynamics. Memecoins remain the preferred tool for speculation, while Solana acts like a casino/market maker. They are easy to understand, have a low barrier to entry, and offer higher returns for new traders due to their highly asymmetric upside potential. New things happen every day; everything can be tokenized, and the content is infinitely rich: characters, content, events, memes, etc.

Everything has just begun.