Solana, which mirrors the performance of Bitcoin and its main rivals, BNP and Ethereum, was flat at press time. Although the gains were not sharp, SOL bulls are shaking off weaknesses. More importantly, Solana is recovering from the late July recession that saw the currency fall to as low as $130 in early August.
Mimi Queen’s activity is catching steam on Pump.fun
The decline may be partly due to a general cooling off in the cryptocurrency scene and a decline in coin activity. However, as of September 27, momentum appears to be picking up. One on-chain analyst points to developments at Pump.fun, a coin launcher on Solana, He said Interest is rising.
Over the past 24 hours, more than 11,800 meme coins have been published on the Meme Coin Launchpad. However, out of the thousands launched, only 193 tokens were eventually listed on Raydium, Solana’s decentralized exchange. This means that although thousands of cryptocurrencies were launched, the vast majority, more than 95%, failed to achieve the $69,000 market capitalization required for a direct listing.
In total, more than 2 million meme coins have been created on the modern blockchain through Pump.fun. At this pace, the analyst noted that more than 51% of all Solana tokens are meme coins launched from the meme launch platform.
Solana may benefit from a resurgence
According to Coingecko, all meme coins are from Pump.fun He orders With a market value of more than $1 billion. In the last 24 hours alone, they have achieved a trading volume exceeding $307 million. The most valuable of them all is Moo Deng, who has a market cap of over $182 million. Michi and Mother are another liquid meme coins.
Overall, as the Pump.fun ecosystem gains momentum, and more coins are minted, SOL prices may benefit. The recent bull cycle that pushed SOL prices above $200 was primarily due to increased demand, mainly due to meme activity.
At that point, BONK, WIF and other Solana meme coins rose sharply and recorded hundreds of millions in market cap. On September 27, WIF became the fourth largest meme coin, behind only Dogecoin, Shiba Inu, and Pepe.
However, concerns remain. Early this month, the Pump.fun address started dumping SOL. On September 12, Lookonchain was launched open They sold 9,940 SOL worth about $1.33 million.
By then, they had unloaded over 270,000 souls. It is not clear whether the meme coin launcher will resume selling. At the time of writing, Dune Analytics data He appears The platform generated revenues of more than $111 million.
Featured image from Canva, chart from TradingView