Solana, reflecting the performance of Bitcoin and its main competitors BNB and Ethereum, is firm as of press time. Although the gains were not marked, the SOL bulls are shedding their weaknesses. Solana, more importantly, is recovering from the late July crisis that saw the coin plummet to $130 in early August.
Meme Coin activity picks up speed on Pump.fun
The pullback could be partly due to the general cooling in the crypto scene and the decline in meme coin activity. However, as of September 27, it appears that momentum is accelerating. An on-chain analyst, highlighting developments at Pump.fun, a coin launchpad on Solana, said interest increases.
In the last 24 hours, more than 11,800 meme coins have been deployed to the meme coins launchpad. However, out of the thousands of tokens launched, only 193 tokens were ultimately listed on Raydium, Solana’s decentralized exchange. This means that despite launching thousands of meme coins, a large majority, over 95%, fail to reach the $69,000 market cap required for a direct listing.
In total, more than two million meme coins have been created on the modern blockchain via Pump.fun. At this rate, the analyst observes that over 51% of all tokens on Solana are meme coins launched from the meme coin launchpad.
Solana could benefit from the resurgence
According to Coingecko, all meme pieces from Pump.fun order a market capitalization of more than a billion dollars. In the last 24 hours alone, they generated over $307 million in trading volume. The most valuable of these is Moo Deng, whose market capitalization exceeds $182 million. MICHI and MOTHER are other Pump.fun liquid coins.
Overall, as the Pump.fun ecosystem grows and more meme coins are issued, SOL prices could benefit. The last bull cycle that pushed SOL prices above $200 was primarily due to rising demand, primarily driven by coin activity.
During this advance, BONK, WIF and other Solana meme coins rallied strongly and recorded hundreds of millions in market capitalization. As of September 27, WIF is the fourth largest coin, trailing only Dogecoin, Shiba Inu, and Pepe.
However, there are concerns. At the beginning of the month, the Pump.fun address began unloading SOL. September 12, Lookonchain revealed that they sold 9,940 SOL worth approximately $1.33 million.
By then, they had unloaded over 270,000 SOL. It is unclear whether the meme coin launch pad will resume sales. At press time, data from Dune Analytics watch the platform has generated over $111 million in revenue.
Featured image from Canva, chart from TradingView
