Solana Memecoin Hype Fades, Leading to Record Low Fee Volume
Solana's decentralized exchanges (DEX) activity has dropped significantly, with transaction fee volume hitting a yearly low. On September 12, users spent only $146,411 on fees, a stark contrast to its March peak of $5.08 million. Average fees dropped to $0.0053, reflecting a decline in Solana's memecoin market.
Memecoin Launches Plummet
PumpFun memecoin launches hit a six-month low of 4,580 on September 8, down 77.6% from August’s peak. PumpFun-related DEX volume also dropped 81.7%, and active users fell to 35,212.
Rival Networks Compete
As Solana's memecoin activity cools, rival networks like Tron’s SunPump and Ethereum’s EtherVista saw brief success but have since also declined. Meanwhile, Avalanche’s TraderJoe and BounceBit are launching new memecoin platforms.
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