- Just 1.4% of the 1.58 million tokens that were released made it to Raydium for public trade.
The poor success rate of 1.4% for tokens reaching the decentralized exchange Raydium is attributed to the no-code platform on Solana that enables anyone to manufacture memecoins. From a staggering 1.58 million tokens issued initially, that translates to 22,330 successfully deployed tokens, according to a Dune Analytics dashboard made by evelyn233.
The minimum market capitalization required by Raydium in order for a token to be traded on its platform is $69,000.
Such depressing figures provide a compelling narrative about the unviability of the memecoin market.
To begin with, based on the market capitalization of numerous tokens on Dexscreener, the most of them that manage to be traded on Raydium have a brief initial surge followed by a rapid dump. About 65% of memecoins have market capitalizations that are significantly less than $10,000.
Pump.fun is doing extremely well while memecoin traders are getting hammered. The total SOL of fees paid to the website is $81 million, as displayed on a Dune dashboard. Tokens that are not sold on the market are estimated to be worth $79 million.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
