Data Pivot: The Trading Status of Memecoins After SOL Gradually Warms Up

Author: Nico

Source: Nico X account

Compiled by: Ethan, Odaily Planet Daily

I have been deep in the "trenches" of the cryptocurrency trading field for quite some time, and at this moment, many crypto enthusiasts on X are claiming that this field is "dead."

Currently, the trading volume generated by Memecoin is not at the level it was a few months ago. TRUMP has indeed reached a local peak in terms of market share, trading volume, and liquidity attraction for Memecoin. At that time, the price of SOL was as high as $290, and BTC broke through the $100,000 mark, with the entire bull market in full swing. Subsequently, BTC corrected to the range of $74-88K, and SOL formed a local low at $95. But now SOL has strongly rebounded above $140 (with a 46% increase in 15 days), and BTC has also returned to the $90,000 mark. It is time to reassess the current situation.

Despite the decline in SOL prices, the generally bearish market sentiment, and the prevailing fatigue, the data presents a different picture. Let's observe the statistics from April to the present:

The pump.fun platform has generated approximately $650 million in trading volume so far, with an average daily trading volume fluctuating between $1 million and $2.7 million, averaging at a high level of $1.5-2 million.

After the decline in trading volume during the high price period of SOL and the TRUMP craze, the trading volume in April has significantly rebounded. With the launch of PumpSwap and an almost seamless migration mechanism, the trading experience surrounding token migration events has been optimized, which is reflected in the continuous increase in weekly trading volume on the platform.

So far, 9.7 million tokens have been created, with an average daily issuance of 20,000 to 40,000 tokens, and 100 to 350 tokens "graduating" each day, maintaining a graduation rate of 0.4-0.8%.

The phenomenon of a decreasing graduation rate over time is related to the decline in users and trading volume, indicating that more small groups in the current "trenches" are hoarding chips during new token issuances, and then dumping on each other. When they cannot attract enough liquidity to maintain token prices, these groups often choose to withdraw early.

Active User Analysis

During the peak period from December 2024 to February 2025, 200,000 to 400,000 users traded Memecoin through pump.fun daily. Since then, the number of users has continued to decline, remaining below 200,000 for the past two months. Currently, the number of daily active wallets is stable at around 150,000, with a balanced ratio of new and old users. It is worth noting that most "trench" traders use a multi-wallet strategy and regularly change their active wallets.

Trading Bot Data Overview

As is well known, Memecoin trading activity is highly concentrated on the top five trading terminals:

• @AxiomExchange
• @tradewithPhoton
• @gmgnai
• @TrojanOnSolana

Here are the key metrics comparison (daily dimension):

These platforms collectively contribute over 100,000 daily active users and $100 million in daily trading volume, consistent with market observations.

Platform cumulative fees and assets under management (AUM) estimates (SOL at $140):

• Bullx: Cumulative fees $186 million | AUM 215,000 SOL (approximately $30 million)
• Axiom: Cumulative fees $39 million | AUM estimated to be comparable to Bullx (possibly slightly lower)
• Photon: Cumulative fees $382 million | AUM 539,000 SOL (approximately $82.6 million)
• GMGN: Cumulative fees $66 million | AUM estimated to be at least half of Bullx

It is estimated that the total liquidity value of SOL circulating in the Memecoin field exceeds $200 million. The next article will delve into the total value of all liquidity pools (LP) and tokens.

PumpSwap Ecosystem Observation

PumpSwap currently has a daily trading volume of $300-480 million, accounting for 9-19% of the trading volume on the Solana chain DEX. It is noteworthy that since all new pump.fun tokens are issued and traded on PumpSwap, there is still a significant amount of trading occurring on old tokens traded through Raydium/Meteora.

PumpSwap charges a 0.25% trading fee, of which:

• 0.20% is allocated to liquidity providers (LP)
• 0.05% belongs to the protocol

In its first month, it generated approximately $25 million in fees (averaging $100,000 to $240,000 daily), with liquidity providers earning $20 million and the protocol earning $5 million. As PumpSwap's market share continues to expand (currently showing a stable growth trend), this data is expected to continue to rise, confirming the trend that traders prefer new tokens over old ones.

Insights

The priority trading model for new tokens aligns perfectly with my predictions for the development of the Memecoin field. The recent difficulty of survival in the "trenches" has become an open secret, with the remaining players mostly being "veterans" who have endured the trials of low SOL prices, declining trading volumes, and user losses.

The vitality of the Memecoin field depends on the injection of new liquidity, initially sourced from seasoned crypto investors who are trapped in losses from mainstream altcoins and are seeking quick profit opportunities. As the field expands, retail investors are also beginning to venture into this high-risk, high-reward "deep water zone."

Compared to DeFi tokens that require meticulous operations and a deep understanding of protocols, Memecoin, with its low entry barriers, high asymmetric returns (i.e., low investment with high return potential), and unlimited creative space for tokenization (people/content/events/memes, etc.), remains the preferred vehicle for speculative activities. Solana firmly holds the dealer's seat in the "crypto casino."

If you ask me about potential opportunities in other fields? Besides Memecoin, Hyperliquid and its ecosystem, as well as fartcoin (because "hype" is always rising), may hold opportunities. But if anyone thinks the "trenches" are dead— the mission is not yet complete; everything is just beginning.