Solana and Meme Coin Activity
Solana’s Performance
Solana, mirroring the performance of Bitcoin and its main competitors, BNB and Ethereum, is firm at press time. Although gains have not been sharp, SOL bulls are shaking off weaknesses. Solana is, most importantly, recovering from the late July slump that saw the coin drop to as low as $130 in early August.
Meme Coin Activity Picking Up Steam On Pump.fun
The drawdown could be partially due to the general cool-off across the crypto scene and the drop in meme coin activity. As of September 27, however, it appears that momentum is picking up. One on-chain analyst, pointing to developments in Pump.fun, a meme coin launchpad on Solana, said interest is rising.
Over the last 24 hours, over 11,800 meme coins have been deployed on the meme coin launchpad. However, of the thousands launched, only 193 tokens eventually got listed on Raydium, the decentralized exchange on Solana. This means that despite thousands of meme coins launching, a big majority, over 95%, fail to achieve the $69,000 market cap required for direct listing.
Solana Might Benefit From The Resurgence
According to Coingecko, all meme coins from Pump.fun command a market cap of over $1 billion. In the past 24 hours alone, they generated trading volume exceeding $307 million. The most valuable of them all is Moo Deng, which has a market cap of over $182 million. MICHI and MOTHER are other liquid Pump.fun meme coins.
Overall, as the Pump.fun ecosystem picks up momentum, and more meme coins are minted, SOL prices might benefit. The last bull cycle that drove SOL prices above $200 was primarily due to the surging demand, mainly due to meme coin activity.
Concerns
Still, there are concerns. Early this month, the Pump.fun address began unloading SOL. On September 12, Lookonchain revealed that they sold 9,940 SOL worth around $1.33 million. By then, they had offloaded over 270,000 SOL. It is unclear whether the meme coin launchpad will resume selling.
Conclusion
Solana’s performance is firm at press time, with SOL bulls shaking off weaknesses. The resurgence of meme coin activity on Pump.fun might benefit SOL prices, but concerns remain regarding the selling of SOL by the Pump.fun address. As the ecosystem continues to develop, it will be important to monitor the situation and its impact on the Solana market.
FAQs
Q: What is the current performance of Solana?
A: Solana is firm at press time, mirroring the performance of Bitcoin and its main competitors, BNB and Ethereum.
Q: What is the current state of meme coin activity on Pump.fun?
A: As of September 27, meme coin activity on Pump.fun is picking up steam, with over 11,800 meme coins deployed in the last 24 hours.
Q: How many meme coins have been listed on Raydium?
A: Only 193 tokens out of the thousands launched have been listed on Raydium, the decentralized exchange on Solana.
Q: What is the current market cap of all meme coins from Pump.fun?
A: According to Coingecko, all meme coins from Pump.fun command a market cap of over $1 billion.
Q: What is the current trading volume of meme coins from Pump.fun?
A: In the past 24 hours alone, meme coins from Pump.fun have generated trading volume exceeding $307 million.
Q: Is the Pump.fun address still selling SOL?
A: It is unclear whether the meme coin launchpad will resume selling SOL, as the address has been unloading SOL in recent weeks.
