Recently, many people on social media have claimed that Memecoin is "dead".
Memecoin's trading volume is not as high as in previous months, and the Trump coin ($TRUMP) has undoubtedly reached a local peak in terms of awareness, trading volume, and liquidity attraction.
However, at that time, SOL was at its high point of $290, BTC was over $100,000, and the bull market was in full swing. Since then, BTC's price has fallen to $74,000-$88,000, and SOL hit a local low of $95. However, SOL has now broken through $140 (rising 46% in just 15 days), and BTC has also rebounded to over $90,000. Let's reassess the current situation together.
Despite SOL's lower price, the generally bearish market sentiment, the data presents a different picture. Here are the data from April so far:
Pump.fun has generated approximately $650 million in revenue. The daily revenue in April ranges from $1 million to $2.7 million, averaging in the higher range of $1.5 million to $2 million.
As SOL's price rises and trading volume decreases during the Trump event, trading volume in April began to significantly rebound. With the launch of Pumpswap and almost instant migration, the trading experience has become smoother. This can be seen from the increase in total weekly trading volume.
So far, 9.7 million tokens have been created, with 20,000 to 40,000 tokens launched daily in April, and 100 to 350 tokens graduating each day (graduation rate of 0.4% to 0.8%).
As time passes, the declining graduation rate is related to the decrease in user numbers and trading volume, indicating a higher proportion of player-versus-player (PvP) behavior in fierce competition. Small groups hoard supply when new projects launch, dump on each other, and decide to exit early when unable to attract additional liquidity needed to bind tokens.
Active Users
During the peak period from December 2024 to February 2025, the daily average trading users for Pump.fun Memecoins reached 200,000 to 400,000. Since then, it has been on a downward trend, remaining below 200,000 for the past two months.
Currently, the number of daily active wallets is stable around 150,000, with existing/reused wallets and new wallets roughly equal. It's worth noting that most miners trade on multiple wallets and occasionally change their active wallet.
Trading Bot Data
It's well known that most Memecoin trading activity occurs on the top five platforms, such as Axiom, BullX, Photon, GMGN, and Trojan. Specific details are as follows:
Platform | Daily Active Users (DAU) | Daily Trading Volume | Daily Trades
· Axiom: 17,000-30,000 daily active users | $20-33 million daily trading | 700,000-1.5 million daily trades
· Bullx: 20,000-30,000 daily active users | $20-33 million daily trading | 200,000-400,000 daily trades
· Photon: 18,000-27,000 daily active users | $30-50 million daily trading | 250,000-350,000 daily trades
· GMGN: 10,000-18,000 daily active users | $8-20 million daily trading | 180,000-290,000 daily trades
· Trojan: 14,000-25,000 daily active users | $7-30 million daily trading | About 200,000 daily trades
This roughly corresponds to the observed situation, adding over 100,000 users and more than $100 million in daily trading volume.
Lifetime Fees and Assets Under Management (SOL on Platform)
· Bullx: $186 million | Managed Assets: 215,000 SOL, approximately $30 million
· Axiom: $39 million | Managed Assets: Unknown, but estimated similar to Bullx, possibly slightly lower
· Photon: $382 million | Managed Assets: 539,000 SOL, approximately $82.6 million
· GMGN: $66 million in fees | Managed Assets: Unknown, but estimated at least half of Bullx's
On related platforms and others, the circulating liquid SOL value in the Memecoin field may exceed $200 million.
PumpSwap
Pumpswap's daily trading volume is between $300-480 million, accounting for 9% to 19% of Solana's decentralized exchange trading volume. Since all new Pump.fun tokens are issued and traded on Pumpswap, this means a large number of trades still occur on early-issued tokens traded through Raydium/Meteora.
Launching Pumpswap was a wise move by the Pumpfun team, who charge a 0.25% fee, with 0.02% allocated to liquidity providers (LP) and 0.05% to the protocol.
In the first month after launch, Pumpswap generated approximately $25 million in total fees (between $100,000 to $240,000 daily), with LPs receiving about $20 million, and the remaining $5 million allocated to the protocol. As Pumpswap's market share continues to steadily increase, this figure is expected to grow further, as people tend to trade new tokens over old ones.
Prioritizing new token trading aligns with views on how the Memecoin field will continue to develop. It's no secret that competition in the Memecoin field has become increasingly fierce, with the remaining active participants being seasoned veterans who have held their ground during challenging periods of low SOL prices, reduced trading volume, and fewer users.
The Memecoin field relies on new liquidity brought by new users, initially from more calm crypto investors/industry participants who "surrender" due to continuously depreciating altcoins and seek faster returns. As the entire market continues to grow, retail investors also begin to get involved.
Players have grown tired of DeFi tokens requiring careful management and deep understanding of protocol design and dynamics. Memecoin remains the preferred tool for speculation, with Solana acting like a casino/banker. They are easy to understand, have low barriers to entry, and offer higher returns for new traders due to their highly asymmetric upside potential. Something new happens every day, and everything can be tokenized: people, content, events, memes, etc.
Everything is just beginning.
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