Solana Meme Coin Plummets as Degens Abandon Pump.fun Amidst Shift in Interest

Meme coins on the Solana blockchain have experienced a significant downturn recently, with the token launchpad Pump.fun losing its appeal. Data from CoinGecko shows a 21.7% drop in the category over the past week.

Decline in Pump.fun’s Popularity

Pump.fun, which was responsible for creating 5,388 new tokens on Solana on Saturday, has seen a notable decline from its peak of 20,465 tokens created three weeks ago, according to Dune data. This drop in activity has impacted the prices of major tokens launched through the platform. Billy (BILLY) fell by 36.9%, Smoking Chicken Fish (SCF) by 37.1%, and Michi (MICHI) by 25.4% over the past week.

The cooling interest in Solana meme coins is not limited to those from Pump.fun. Network favourites such as Dogwifhat (WIF), Bonk (BONK), and Popcat (POPCAT) have also seen declines of 24%, 17.9%, and 23.7%, respectively. Other notable losers include Neiro-related Ginnan The Cat (GINNAN), down 58.6%, Roaring Kitty meme Lock In (LOCKIN), which dropped 39.6%, and Mumu The Bull (MUMU), down 33.6%. Despite not originating from Pump.fun, these tokens have been influenced by the overall downturn in meme coin enthusiasm on Solana.

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SunPump Surpasses Pump.fun: Traders Shift from Solana to Tron Amid New Protocol’s Rise

The decline in interest for Pump.fun is partly attributed to the emergence of SunPump, a similar protocol created by Justin Sun on the Tron network. SunPump has gained traction, surpassing Pump.fun in the number of daily meme coins created. This shift has led some traders to migrate from Solana to Tron.

Not all news is negative for Pump.fun. Despite the general decline, Fwog (FWOG) has seen a 34.6% increase over the past week, and the Reddit-themed r/snoofi (R/SNOOFI) has risen by 42%. Additionally, Pump.fun’s total revenue surpassed $100 million over the weekend, according to Dune data.

Read more: Mysterious Crypto Trader Turns $1,200 in Tron-Based Memecoins into $10 Million in Just Three Days

The decline in Solana meme coins has contributed to a broader drop in Solana’s value, which has fallen by 18% over the week—the largest decline among the top 20 cryptocurrencies by market cap. In comparison, Tron (TRX) has decreased by a more modest 6.6%, while Bitcoin (BTC) is down 8.1% over the same period.