Solana Launchpad Activity Falls 73% as Four.meme Rises on BNB

After months of explosive growth and constant token launches, Solana’s launchpad scene has entered a noticeable cooldown. Once the epicenter of memecoin mania, activity across launchpads like Pump.fun has sharply declined, in some metrics by more than half.

In early September, Solana dominated the memecoin narrative. It was the first name that came to mind for retail traders looking for the next viral token. By early October, however, the data began to shift. Daily token launches, which once ranged between 20K and 40K, dropped to just 10.5K on October 8, marking a 73% decline from the ATH.

This fall is not limited to new token creation. The number of “graduated” tokens has also decreased, and the same trend is visible in launchpad revenues. Pump.fun’s daily revenue, which reached over $2.4M on September 15, dropped below $600K for the first time in two months. The numbers point to a major cooling in user activity and speculative intensity across Solana’s launchpads.

A Tale of Two Chains: Solana and BNB

The downturn on Solana has coincided with a surge of activity elsewhere, especially on the BNB Chain, home to the emerging launchpad Four.meme.

Data shows a clear inverse relationship. As Pump.fun’s metrics declined, Four.meme’s numbers grew rapidly. Starting in mid-September, Four.meme began gaining traction, and by October 3, its daily token launches had increased 3.5× in a single day, rising from 3.1K to 10.8K. By October 7, the momentum had fully shifted. Four.meme recorded 26.8K daily launches, while Pump.fun registered 13.6K. On October 8, Four.meme set a new record with more than 47.8K tokens launched in 24 hours, establishing the BNB Chain as the new hub for memecoin launches.

The Revenue Flip: Four.meme Takes the Lead

The shift in user attention quickly showed up in revenue data. On October 7, Four.meme generated $2.5M, surpassing Pump.fun’s $900K on the same day. The gap widened further when Four.meme reached a new all-time high of $4.1M in daily revenue on October 8, its strongest performance since launch. In contrast, Pump.fun’s earnings fell to their lowest level in two months.

The Bigger Picture: Trading Volumes Tell the Story

Across both ecosystems, the combined DEX trading volume of tokens launched through Pump.fun and Four.meme during the past 30 days has exceeded $39.6B. Of this total, 65.3% came from Four.meme tokens on BNB. The difference in momentum is striking. On October 9, daily trading volume for Four.meme tokens reached $3.1B, while tokens from Pump.fun on Solana saw only $280M.

Interpreting the Shift

The current cooldown in Solana’s launchpad activity represents a clear rebalancing after months of explosive growth. A 73% drop in daily launches, combined with revenue sliding from $2.4M to $600K, shows that speculative activity has cooled but not disappeared. In fact, much of that energy appears to have rotated rather than vanished.

In short, the data points to the start of what appears to be a “BNB season,” where user attention and liquidity have temporarily moved toward the BNB ecosystem and contributed to Four.meme’s growth. However, this is not the first time Solana has faced such a shift. Earlier, there were brief periods labeled as “Base season” and another “BNB season,” both of which struggled to retain traders for the long term. Similar cycles have come and gone, and traders have consistently returned to Solana once the hype faded. Given Solana’s scale, infrastructure, and developer base, the current trend may again prove temporary as market dynamics and user interest evolve. The question now is whether this time will be any different.

This piece is part of our Solana Data Insights series. Make sure to subscribe to Solana Data Insights for weekly onchain analysis.

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