Memecoins, often compared to flashes in the pan, are showing signs of running out of steam, especially on Solana. Recent statistics are far from favorable for these tokens on this blockchain. Indeed, Solana’s Pump Fun platform is failing to turn these ephemeral creations into lasting successes. Let’s dive into the details to understand what’s really going on in this rapidly changing universe.
Crypto Meme and Solana: A Tale of Failure Rates
Yet another crypto game over story! On Solana's Pump Fun platform, almost all memecoins fail miserably. According to data from Dune Analytics, Only 1.41% of tokens created via Pump Fun manage to reach Raydiuma DeFi platform from Solana.
This figure has fluctuated between 1.21% and 1.41% since May, with a historic peak of 2.56% last February. These statistics do not work in favor of memecoins, which seem incapable of maintaining a lasting value on the market.
Adam Cochran, partner at Cinneamhain Ventures, revealed in a post on X thatAbout 1.4% of projects listed on a DEX reach $69,000.
Additionally, no new token has actually surpassed the $20 million mark in Fully Diluted Valuation (FDV). This demonstrates that The memecoin cycle seems to be coming to an end. And this is despite the resilience of Dogecoin (DOGE), Shiba Inu (SHIB) and others.
As Cochran says, “ we are flushing the meme cycle “.
Memecoins: A rare success story
Despite these disappointing figures, Some memecoins still manage to emerge. Breada Web3 developer and crypto commentator, pointed out that of the 1.58 million tokens created, only 22,300 reached Raydium.
However, it is important to note that the ease of creating projects on Pump Fun could explain this low success rate. Indeed, launching a token on this platform results in a 1% transaction fee until the market value reaches a certain threshold.
Key statistics reveal that:
- Out of 1.58 million tokens created, only 22,300 reached Raydium;
- In July, Pump Fun generated approximately $864,000 in 24 hours;
- This surpassed Ethereum's $550,000 over the same period.
These rare successes show that despite the many failures, memecoins still contribute to the platform's revenue.
Despite the overall negative performance of memecoins on Solana, there are some positive numbers, especially thanks to DEX platforms like Raydium. The crypto market remains unpredictable, but this data offers a glimmer of hope for savvy investors.
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