Over the weeks, the memecoin market has suffered to the verge, and it is also reported that the volume of Pump(dot)Fun dropped to $44 billion from $119 billion.
As per market experts, the sudden decline in the volume of Pump(dot)Fun has been primarily fueled by the cooling trend of memecoins in the wider market.
The memecoins launch over Pump(dot)Fun has declined!
Data from Dune Analytics notes that the total launch of new meme tokens has fallen to 24,000 from 58,000, and the volume also fell below the exponential moving average of 20,50,10,0 and 200 days.
Pump(dot)Fun’s monthly revenue reached $74 million; however, there are arguments that the recent failure of some of the most popular meme tokens like $LIBRA and $Trump, the bogus coin launched, mimicked the Official Trump.
A few published reports say that the total identified scammy meme tokens have wiped out over $100 billion from the market, most of which are based on Solana and leveraging Pump(dot)Fun.
When writing, the trading volume of Pump(dot)Fun was $780.5 million, and the ecosystem with the highest capitalization is Fartcoin, Peanut the Squirrel, Act | The AI Prophecy, AI Rig Complex, Fartboy, Goatseus Maximus and Unicorn Fart Dust.
Activities on the Solana network fell over the month
As per data from DefiLlama, the total value locked over the SOL chain is $7.432 billion, yet the growth of TVL remains steady and slow from the last of February till writing.
In the past 24 hours, the total stablecoin market capitalization over the Solana chain has reached $11.43 billion. The fees are $1.16 million, and in the same frame, the app revenue is $4.41 million.
On the SOL chain, Jito holds the highest TVL, with $2.27 billion, followed by Jupiter, Kamino, Marinade, Raydium AMM, and Sanctum.
The prices of Solana are above the 20,50, 100, and 200-day exponential moving average and are trading at $148.18 with a growth of 2.96% in the past 24 hours, and the volume was $6.85 billion with a decline of 21.84%.
It is worth noting that the price of SOL is trading at a loss of 26.40% in the monthly frame, yet the decline in activities over Solana and Pump(dot)Fun has fueled the decline in its market capitalization.
The press time market cap of Solana was $75.47 billion marking a massive loss of 24% in the monthly frame, and is down by 30.21%.
According to data from CoinMarketCap, the intraday gainer’s list has been ruled by Bitcoin Cash, Aave, Jito, Cardano, Chainlink, PI Network, and Vechain.
