Solana sees token creation explode, but revenues stagnate

Solana strengthens its position as a leading platform for token creation, with over 200,000 new assets launched last week. Most come from pump.fun, which continues to dominate memecoin launches. However, despite this record growth, trading revenues remain low and few projects manage to move beyond their initial phase.

Weekly token activity on Solana

Data from Solscan explorer shows that Monday, November 10 was the most active day with 31,193 new tokens. Activity fell slightly on Tuesday (29,127 creations), then increased on Wednesday with 30,574 new tokens integrated into the network. Thursday and Friday continue this momentum, with 28,783 and 28,469 launches respectively, reflecting a sustained but more moderate pace.

The weekend marks a sharper decline. Saturday ends with 25,611 launches, and Sunday with 26,312. In total, Solana closes the week with 206,669 new tokens. Solscan also lists 129,434 new NFTs minted over the same period. Friday dominates this category with 20,546 keystrokesfollowed by Tuesday with 19,971.

Solana Token Boom Faces Engagement Gap

Much of the volume continues to come from pump.fun, the memecoin-focused platform. Despite this massive influx, only a small fraction of tokens show real activity.

• Solana recorded more than 451,000 new coins in October, but only 2,767 showed measurable traction, revealing that a tiny share is making progress post-launch.
• In September, approximately 679,000 tokens were created, and only 0.58% were beyond their seed stage.
• In August, 604,162 launches were observed, with a success rate of only 0.75%.
• These successive figures show that the creation of tokens is growing much faster than actual engagement on the network.

Mayhem mode shows limited early impact

Pump.fun recently attempted to buck the trend by launching an AI-powered feature: Mayhem Mode. This system boosts new tokens by automating certain actions such as the creation of offers, the deletion of tokens in circulation, or the execution of purchases and sales. The team presents it as a way to influence the price from the first minutes and attract the attention of traders.

However, its impact remains limited. Before its launch, pump.fun added approximately 17,300 tokens per day. After its introduction, the pace increases to around 17,800showing weak progress despite the tool.

Declining activity and pressure on the token

Activity on pump.fun slowed despite Mayhem Mode, leading to lower revenues and intensifying pressure on its native token, PUMP. It fell more than 18% during the week, and even though it gained more than 4% in 24 hours, it remains down more than 73% from its all-time high.

With revenues under pressure, token redemptions appear to be slowing down. In August, the blockchain showed that pump.fun bought back 175.3 million $PUMP (or $705,000) in four hours. In total, the platform bought back 7.66 billion $PUMP, representing $30.65 million, or 0.766% of the total supply. Despite these buybacks, the price continues to fall sharply.

Meanwhile, Solana's native token is also experiencing fluctuations: it is losing more than 7% for the week and more than 22% for the month, although it has slightly rebounded by more than 2% in the last 24 hours.