Dogecoin

Solana

Shiba Inu

<p>Memecoins, often compared to flash-in-the-pan phenomena, show signs of waning, particularly on Solana. Recent statistics are far from favorable for these tokens on this blockchain. Indeed, Solana’s Pump Fun platform fails to turn these ephemeral creations into lasting successes. Let’s dive into the details to understand what’s really happening in this rapidly changing universe.</p> 
<h2 id="h-crypto-meme-and-solana-a-history-of-failure-rates">Crypto meme and Solana: A history of failure rates</h2> 
<p>Yet another <a href="https://www.cointribune.com/en/crypto-game-over-for-memecoins/" target="_blank" rel="noreferrer noopener">crypto meme game over story</a>! On Solana’s Pump Fun platform, <strong>almost all memecoins fail miserably</strong>. According to Dune Analytics data, <strong>only 1.41% of tokens created via Pump Fun manage to reach Raydium</strong>, a DeFi platform on Solana.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1"> 
 </div> 
</div> 
<p>This figure has fluctuated between 1.21% and 1.41% since May, with <strong>a historical peak of 2.56% last February</strong>. These statistics do not favor memecoins, which seem unable to maintain a sustainable value in the market.</p> 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <div class="entry-content-asset">
   <div class="social-embed-container">
    <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
     <p lang="en" dir="ltr">2/23<br><br>We're starting to flush out memes.<br><br>The "graduation rate" of coins on Pump Fun (those that made it to $69k and got listed on a dex) is stagnant around 1.4%<a href="https://t.co/fCruRRnvZW">https://t.co/fCruRRnvZW</a><br><br>(h/t <a href="https://twitter.com/0xBreadguy?ref_src=twsrc%5Etfw">@0xBreadguy</a>)</p>— Adam Cochran (adamscochran.eth) (@adamscochran) <a href="https://twitter.com/adamscochran/status/1819053020761526470?ref_src=twsrc%5Etfw">August 1, 2024</a>
    </blockquote>
    <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
   </div>
  </div> 
 </div>
</figure> 
<p>Adam Cochran, partner at Cinneamhain Ventures, revealed in a post on X that <strong>about 1.4% of projects listed on a DEX reach 69,000 dollars</strong>.</p> 
<p>Moreover, no new token has actually surpassed the 20 million dollar mark in Fully Diluted Valuation (FDV). This demonstrates that <strong>the memecoin cycle seems to be coming to an end. </strong>And this in spite of the resilience of Dogecoin (DOGE), <a href="https://www.cointribune.com/en/crypto-is-shiba-inu-ready-for-a-birthday-rally/" target="_blank" rel="noreferrer noopener">Shiba Inu </a>(SHIB), and others.</p>  
<div class="tradingview-widget-container tradingview--mini-chart"> 
 <div class="tradingview-widget-container__widget"></div> 
 <div class="tradingview--mini-chart--dark"> 
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:SHIBEUR","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script> 
 </div> 
 <div class="tradingview--mini-chart--light"> 
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:SHIBEUR","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script> 
 </div> 
 <div class="tradingview-widget-copyright">
  <a href="https://fr.tradingview.com/symbols/SHIBEUR/?exchange=BINANCE" rel="noopener" target="_blank"><span class="text-primary-color">SHIBEUR chart</span></a> by TradingView
 </div> 
</div>  
<p>As Cochran says, “<em>we are rinsing the meme cycle</em>”.</p> 
<h2 id="h-memecoins-a-rare-success-story">Memecoins: A rare success story</h2> 
<p>Despite these disappointing numbers, <strong>a few memecoins still manage to emerge</strong>. <a href="https://x.com/0xBreadguy/status/1819007729794429350" target="_blank" rel="noreferrer noopener">Bread</a>, a Web3 developer and crypto commentator, noted that out of the 1.58 million tokens created, <strong>only 22,300 reached Raydium</strong>.</p> 
<div class="affiliate-button"> <a class="affiliate-button__link" href="https://bitvavo.com/fr/affiliate/coinmedia?a=_cta" target="_blank" rel="noreferrer noopener">€20 bonus for registering on Bitvavo</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noreferrer noopener">This link uses an affiliate program.</a> 
</div> 
<p>However, it’s important to note that <strong>the ease of project creation on Pump Fun</strong> could explain this low success rate. Indeed, launching a token on this platform incurs a <strong>transaction fee of 1%</strong> until the market value reaches a certain threshold.</p> 
<p>Key statistics reveal that:</p> 
<ul> 
 <li>Out of 1.58 million tokens created, only 22,300 reached Raydium;</li> 
 <li>In July, Pump Fun generated approximately 864,000 dollars in 24 hours;</li> 
 <li>This surpassed Ethereum’s 550,000 dollars in the same period.</li> 
</ul> 
<p>These rare successes show that despite the many failures, <strong>memecoins still contribute to the platform’s revenues.</strong></p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="2"> 
 </div> 
</div> 
<div class="affiliate-button"> <a class="affiliate-button__link" href="https://bitpanda.pxf.io/c/2801338/1295465/15871" target="_blank" rel="noreferrer noopener">Discover the Bitpanda platform</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noreferrer noopener">This link uses an affiliate program.</a> 
</div> 
<p>Despite an overall negative outlook for memecoins on Solana, <a href="https://www.cointribune.com/en/crypto-meme-coins-drive-dexs-to-179-5-billion/" target="_blank" rel="noreferrer noopener">positive figures exist</a>, notably thanks to DEX platforms like Raydium. The crypto market remains unpredictable, but these data offer a glimmer of hope for savvy investors.</p>

Crypto: The Hemorrhage of Memecoins on Solana Continues to Worsen

Table of Contents

Cointribune EN

Other articles published on Aug 3, 2024

Manhattan District Attorney Alvin Bragg Takes Action Against Alleged Fraudulent Crypto Recovery S...

Ada Akumulasi Whale Besar-besaran: Ethereum Siap Naik?

Peter Schiff Rebukes Kamala Harris Over Stock Market Crash

Shiba Inu: Good, Bad and 'Less Ugly'

MEET48 GIPR2 Dapp Ranks Top Globally, Announces the 1st Web3 Metaverse Idol Popularity Ranking in...

Ex-Binance Advisor Joins Kamala Harris Campaign Team – Details

Join our free newsletter for daily crypto updates!