• Pump.fun has created 5,388 new tokens on Solana.

• Solana (SOL) fell back at $131, following a drop of 0.63% in the last 24 hours.

Solana’s meme coin market has taken a sharp decline, with a 21.7% drop over the past week. The downturn comes as the popular token launchpad, Pump.fun, witnessed a drastic drop in user activity and new token creation. 

Recently, Pump.fun has created 5,388 new tokens on Solana, as per Dune Analytics. This represents a steady decline in activity from its peak, three weeks ago when the launchpad deployed 20,465 tokens in a single day.

Decline in Meme Coin Prices

The prominent meme coins on the network includes Dogwifhat (WIF), which is down by 0.24%, trading at $1.47. Over the past week, it plunged by over 22%. BOOK OF MEME (BOME) has noted a decline of 1.05%, traded at $0.005917. It was significantly down by over 20% in the past week. On the other hand, Bonk (BONK) and Popcat (POPCAT) are up by 0.66% and 5.62%, trading at $0.00001702 and $0.5701, respectively. 

The prices of some major tokens created by the protocol have fallen down coinciding with the Pump.fun statistics decline. A meme coin on Solana, Billy (BILLY) plunged over 15% in the past 24 hours, currently trading at $0.02086. And over the week, the token was down by 34.37%. Ginnan The Cat (GINNAN) trading at $0.051821, dropped by 21.18%, and Michi (MICHI) has spiked by 9.84%, trading at $0.1125.

Moreover, Solana (SOL) has fallen by 0.63%, trading at $131.92, with the trading volume soared by 96.67% to $2.43 billion, as per CMC data. 

Highlighted Crypto News

$305 Million Pulled from Crypto Investment Products This Week