The crypto world moves fast—especially in the volatile, high-octane realm of Memecoins. While many on X have declared this space “dead,” the data tells a different story. Despite declining trading volumes compared to the frenzied peaks of early 2025, the Memecoin ecosystem is showing signs of resilience and reinvention. With Solana (SOL) rebounding from its lows—climbing over 46% in just 15 days to surpass $140—and Bitcoin reclaiming the $90,000 mark, it's time to reassess the current landscape.
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Market Sentiment vs. On-Chain Reality
At first glance, bearish sentiment dominates. After the TRUMP memecoin craze and SOL’s all-time high near $290, activity cooled as BTC corrected to the $74K–$88K range and SOL dipped to $95. Yet beneath the surface, trading behavior tells a more nuanced tale.
Platforms like pump.fun continue to generate substantial volume. Since April, total trading volume has reached approximately $650 million**, with daily volume fluctuating between **$1 million and $2.7 million**, averaging around **$1.5–2 million. This marks a clear recovery from post-hype lows, driven by improved user experience and infrastructure upgrades—most notably the seamless migration to PumpSwap.
Over 9.7 million tokens have been created on pump.fun to date. April alone saw 20,000–40,000 new tokens launched per day, with 100–350 “graduating” daily—meaning they successfully migrated to PumpSwap. The graduation rate sits between 0.4% and 0.8%, a figure that has declined over time due to shrinking liquidity pools and reduced trader engagement.
This trend reflects a shift in behavior: smaller, coordinated groups now dominate early trading phases, often hoarding supply before flipping positions aggressively. Without sustained inflows of new capital or broader community interest, these cycles end quickly—leading to rapid sell-offs and early exits.
Active User Trends: A Shrinking but Resilient Base
During the peak months of December 2024 to February 2025, 200,000 to 400,000 daily users traded Memecoins via pump.fun. That number has since declined, consistently staying below 200,000 over the past two months. Today, daily active wallets hover around 150,000, with a balanced mix of new and returning participants.
It's important to note that many traders operate multiple wallets and rotate them frequently—a common tactic to avoid detection, manage risk, or exploit platform mechanics. This multi-wallet behavior suggests actual user engagement may be understated in raw wallet counts, but also highlights the speculative and tactical nature of participation.
Top Trading Bots Driving Volume
Memecoin trading is heavily concentrated among a handful of automated platforms. The top five bots dominate execution and liquidity access:
- @AxiomExchange
- @tradewithPhoton
- @gmgnai
- @TrojanOnSolana
Collectively, these platforms drive over 100,000 daily active users and contribute roughly $100 million in daily trading volume—aligning closely with observed market activity.
When evaluating performance through fees and assets under management (AUM), assuming SOL at $140:
- Bullx: $186M cumulative fees | 215,000 SOL AUM (~$30M)
- Axiom: $39M cumulative fees | AUM estimated near Bullx levels (slightly lower)
- Photon: $382M cumulative fees | 539,000 SOL AUM (~$75.5M)
- GMGN: $66M cumulative fees | AUM likely at least half of Bullx
These figures underscore the professionalization of what once seemed like a chaotic playground. Behind every meme is increasingly sophisticated infrastructure—and profit-taking engines.
Estimates suggest over $200 million worth of SOL liquidity is actively circulating within the Memecoin ecosystem across various pools and tokens. Future analysis will break down LP compositions and token valuations in greater detail.
PumpSwap’s Growing Footprint
PumpSwap has emerged as a central hub for new Memecoin trading, recording $300–480 million in daily volume. It now accounts for 9% to 19% of all DEX volume on Solana—a significant share for a relatively new protocol.
Since all new pump.fun tokens launch directly on PumpSwap, this volume reflects strong demand for fresh projects. However, substantial trading still occurs on established platforms like Raydium and Meteora for older or legacy tokens—indicating a bifurcated market: new launches on PumpSwap, mature tokens elsewhere.
PumpSwap charges a 0.25% fee per trade:
- 0.20% goes to liquidity providers (LPs)
- 0.05% is retained by the protocol
In its first month alone, the platform generated about $25 million in fees**, with **$20 million distributed to LPs and $5 million** accruing to the protocol. Daily fee income ranged from **$100,000 to $240,000.
As PumpSwap’s market share grows steadily, these numbers are expected to rise—further reinforcing the trend that traders increasingly favor newly launched Memecoins over older ones.
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Key Insights: Why Memecoins Still Matter
The preference for new tokens aligns with broader behavioral patterns in speculative markets: novelty drives attention, and attention fuels momentum.
Despite increased difficulty in generating returns—"trench survival" is harder than ever—the remaining participants are seasoned veterans who’ve weathered SOL’s price drops, declining volumes, and user attrition. They’re not here for memes alone—they’re here for asymmetric opportunities.
Memecoins thrive because they offer:
- Low entry barriers
- High-risk, high-reward potential
- Infinite thematic creativity (people, events, internet culture)
- Fast feedback loops between action and outcome
Compared to complex DeFi protocols requiring deep technical understanding, Memecoins are accessible—even intuitive—for retail investors seeking quick wins. Solana remains the go-to blockchain for this activity, earning its nickname as the “crypto casino.”
New liquidity often enters through experienced traders stuck in losing positions on major altcoins, chasing quick recoveries in the Memecoin arena. As momentum builds, retail follows—creating cyclical waves of speculation.
Frequently Asked Questions (FAQ)
Q: Is the Memecoin market really recovering?
A: Yes—while not at peak levels, trading volume and platform activity have rebounded since April. SOL’s price recovery has helped restore confidence and attract renewed interest.
Q: Why do so many new tokens fail to “graduate”?
A: Only tokens with sufficient liquidity and community traction can migrate to PumpSwap. Most fail due to lack of sustained buying pressure or coordinated dumping by early insiders.
Q: Are bots controlling Memecoin trading?
A: To a large extent—top bots process massive volume and provide execution speed humans can't match. However, human coordination (e.g., Telegram groups) still plays a key role in pump dynamics.
Q: Can I still make money trading Memecoins?
A: Possible—but increasingly difficult. Success requires speed, access to analytics, and risk discipline. Most profits go to early actors; latecomers often absorb losses.
Q: What’s driving PumpSwap’s growth?
A: Seamless integration with pump.fun, strong incentives for LPs, and growing trust in its infrastructure make it the preferred destination for new launches.
Q: Are there alternatives beyond Solana-based Memecoins?
A: Yes—ecosystems like Hyperliquid show promise, and niche plays like fartcoin persist due to viral appeal. But Solana remains dominant due to speed and low cost.
The narrative of decline overlooks underlying strength. The Memecoin space is evolving—not dying. With SOL’s resurgence and platforms like PumpSwap maturing, we may be witnessing the foundation of a more sustainable speculative layer within crypto.
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