Meme Coin Burnout? Pump.fun Records Lowest Number of Daily Deploys in 52 Days

Solana’s explosive meme coin market appears to be cooling off after a meteoric Q2. While the ecosystem’s strongest performers succumb to bearish forces, pump.fun activity drops to numbers not seen since early May.

Pump.fun Activity Drops Over 50%

Pump.fun, a wildly popular application that allows users to launch Solana-based cryptocurrencies in mere seconds, has struggled to maintain its impressive growth.

First launched in January, the simplified token creation site witnessed a staggering surge of activity in recent months, generating over $267M in fees and playing host to over 1 million deploy transactions.

As the market turns, pump.fun traders appear to have dialed down their risk appetite. As per Dune Analytics data, activity on the platform has consistently trended down for several days, eventually dropping below 10,000 daily deploy transactions and reaching levels not seen since May 2, 2024.

As you’d expect, the decline in deployments through the platform is consistent with a diminishing number of DAUs (daily active users). While the application registered over 49,000 DAUs as little as 14 days ago on June 10, user numbers have dropped by as much as 54% to accommodate 22,729 active users on June 23.

Pump.funs dramatic decline in activity is largely due to poor conditions across the crypto market, with kingpin Bitcoin (BTC) losing key support levels and altcoins suffering debilitating drops.

Nothing Goes Up Forever

After a scintillating rise throughout Q2, Solana meme coins are weathering devastating pullbacks. While dogwifhat’s (WIF) emphatic community was able to raise over $650,000 to project the meme coin’s logo on the Las Vegas sphere and secure a coveted position as a top 50 crypto asset by market cap, WIF has since tumbled from its lofty highs.

Since notching an all-time high of $4.57 in onchain markets at the end of March, WIF has trended down for months, suffering a 63% price drop as market conditions turn sour for the meme coin economy.

But the leader of the pack is not alone, BONK has also struggled to find its bite in recent weeks. After proudly reclaiming $0.00004 on the 28th of May, BONK has since fallen approximately 49% on a monthly time-frame, exchanging hands at $0.00002039 at press time as per Step Finance data.

Despite the recent downturn, both meme coins are still in profitable YTD positions, with many ecosystem participants expressing bullish sentiment on long-term time horizons. Popular crypto trader and internet personality Ansem maintains his positive outlook on WIF, suggesting the meme coin is approaching a local bottom.

Ultimately, meme coins are not a siloed ecosystem. Their prices are largely affected by wider market dynamics and are generally correlated with the movements of larger digital currencies like Bitcoin and Solana.

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