- Is the Solana-driven coin mania for memes over?
Dune Analytics data shows that transactions on Pump.fun, the most popular meme coin factory based in Solana, have drastically decreased.
Users can generate and share their own meme currencies on Pump.fun, an online marketplace. Many new users find the network intriguing because of its simplicity, which helps to explain why it became popular so quickly. To generate a new token, all that is required is naming the token, providing the ticker symbol, a picture, and a negligible charge.
Pump.fun emerged as the focal point of the latest celebrity meme coin frenzy around the end of May, after the likes of Australian musician Iggy Azalea.
The Solana-based meme coin factory eventually outperformed Ethereum in terms of daily revenue last month.
Dune Analytics has given the most recent statistics, which indicates that 1,727,219 tokens are currently in use on Pump.enjoyable.
According to DefiLlama, Pump.fun is still among the top projects by daily fees despite waning demand. It brought in $922,582 in fees on Saturday. At sixth position (after Lido, Juto, Ethereum, Solana, and Tron) with this amount.
The collapse of celebrity meme currencies is probably the reason for the drop in transaction activity. After a period of speculative excitement, this meme currency sector has been decimated in a short amount of time, as was to be predicted. Iggy Azalea’s MOTHER meme coin, for example, has dropped by almost 80% from its peak. That said, the performance of the great majority of other mme coins was significantly worse, with some losing up to 99% of their value.
Due to the coin’s lack of use, Ethereum co-founder Vitalik Buterin spoke out against the celebrity meme mania, as reported by U.Today.
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.
