Solana Meme Coins Slump as Degens Ditch Pump.fun

Meme coins on Solana are some of the biggest losers over the past week as token launchpad Pump.fun fell out of favor, with the category as a whole dropping by 21.7% on the week, per data from CoinGecko.

On Saturday, Pump.fun was responsible for 5,388 new tokens created on Solana, according to Dune data. To put this into perspective, just three weeks ago the protocol peaked, deploying 20,465 tokens.

With Pump.fun statistics falling, so have the prices of some major tokens created by the protocol. Billy (BILLY) tumbled 36.9% over the week, Smoking Chicken Fish (SCF) has dropped 37.1%, and Michi (MICHI) has fallen 25.4%.

Cooling interest in Solana meme coins over the past week has also spread to tokens not created using the Pump.fun meme coin factory.

Network favorites such as Dogwifhat (WIF), Bonk (BONK), and Popcat (POPCAT) are down 24%, 17.9%, and 23.7% on the week respectively. Other major losers include Neiro-related Ginnan The Cat (GINNAN) which has plummeted 58.6% in the past week, Roaring Kitty meme Lock In (LOCKIN) slipping a significant 39.6%, and Mumu The Bull (MUMU), down 33.6%.

While none of these tokens originated on Pump.fun, the meme coin factory was a major factor keeping degenerate crypto traders on Solana (SOL). But it appears that traders are looking elsewhere as the launchpad’s stats have begun to tail off.

It’s not all doom and gloom for Pump.fun tokens, though. Fwog (FWOG) is up 34.6% over the past 7 days, while Reddit-themed dog coin r/snoofi (R/SNOOFI) is up 42%. In good news for the platform’s team, Pump.fun’s total revenue surpassed $100 million over the weekend, according to Dune data, just nine months after launching.

Pump.fun started to fall out of favor after the creation of SunPump, a similar protocol created by Justin Sun on the Tron network, with a number of degen traders migrating from Solana to Tron. 

Two weeks ago SunPump flipped Pump.fun in daily meme coins created, a sign it had stolen the attention of traders.

With this Solana has fallen 18% over the week, the most of any of the top 20 cryptocurrencies by market cap. Comparatively, Tron (TRX) has fallen by a more modest 6.6% in the same timeframe, less than market leader Bitcoin (BTC), which is down 8.1% on the week.