The meme coin market on the Solana blockchain has encountered a sharp decline, marked by significant price drops and reduced activity on the Pump.fun platform.
Sharp Decline in Meme Coin Market
Solana's meme coins have experienced a sharp decline, with a 21.7% drop over the past week. The popular token launchpad Pump.fun has also seen a significant decrease in user activity and new token creation.
Pump.fun Statistics and New Tokens
According to Dune Analytics, Pump.fun recently created 5,388 new tokens on Solana, indicating a steady decline in activity compared to its peak three weeks ago when 20,465 tokens were launched in a single day.
Price Changes in Specific Tokens
Prominent meme coins in the network have also suffered from the downturn. Dogwifhat (WIF) fell by 0.24%, trading at $1.47, and BOOK OF MEME (BOME) fell by 1.05%, trading at $0.005917. Some tokens, like Bonk (BONK) and Popcat (POPCAT), have seen gains of 0.66% and 5.62%, respectively. Billy (BILLY) fell over 15% in the past 24 hours and by 34.37% over the week, currently trading at $0.02086. Ginnan The Cat (GINNAN) fell by 21.18%, while Michi (MICHI) rose by 9.84%, trading at $0.1125.
The overall decline in the Solana meme coin market is linked to reduced activity on Pump.fun and falling prices of key tokens. Solana (SOL) has also experienced a drop of 0.63%, trading at $131.92.
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