Analysis of the Current State of Memecoins: Market Sentiment is Low but Data is Still Good

Author: Nico, encryption KOL

Compiled by: Felix, PANews

Recently, many people on social media have claimed that Memecoin "is dead."

The trading volume of Memecoins is not as high as in previous months, while Trump Coin ($TRUMP) has undoubtedly reached a local peak in terms of recognition, trading volume, and liquidity attractiveness for Memecoins.

However, at that time, SOL was at a high of $290, and BTC exceeded $100,000, with the bull market unfolding vigorously. Since then, the price of BTC has fallen to between $74,000 and $88,000, while SOL reached a local low of $95. However, SOL has now broken through $140 (an increase of 46% in just 15 days), and BTC has also risen back above $90,000. Let's reassess the current situation.

Despite the low SOL price, the market sentiment is generally bearish and gloomy, but the data presents a different picture. The following are the data for April so far:

Pump.fun has generated approximately $650 million in revenue to date. In April, daily revenue ranged from $1 million to $2.7 million, averaging in the higher range of $1.5 million to $2 million.

As the price of SOL rises and trading volume declines during the Trump event, trading volume began to rebound significantly in April, and with the launch of Pumpswap and nearly instant migration, the trading experience became smoother. This is evident from the increase in weekly total trading volume.

Related reading: From former allies to fierce rivals, a data perspective on the essence of the "civil war" between Pump.fun and Raydium

As of now, 9.7 million tokens have been created, with 20,000 to 40,000 tokens launched daily in April, and 100 to 350 tokens graduating each day (graduation rate of 0.4% to 0.8%).

Over time, the decline in graduation rates is related to the reduction in user numbers and trading volumes, indicating a higher proportion of opponent trading (PvP) behavior in fierce competition. Small groups hoard supplies when a new project launches, undercut each other, and when they cannot attract the additional liquidity required for binding tokens, they decide to exit early.

Active Users

During the peak period from December 2024 to February 2025, the average daily number of trading users for Pump.fun Memecoins reached between 200,000 and 400,000. Since then, it has shown a downward trend, remaining below 200,000 for the past two months.

Currently, the number of daily active wallets is stable at around 150,000, with the number of existing/reused wallets being roughly equivalent to that of new wallets. It is important to note that most miners conduct transactions across multiple wallets and will at least occasionally switch active wallets.

Trading Bot Data

As we all know, most Memecoin trading activities take place on the top five platforms, such as Axiom, BullX, Photon, GMGN, and Trojan. The specific details are as follows:

Platform | Daily Active Users (DAU) | Daily Trading Volume | Daily Transaction Count

Axiom: Daily active users 17,000 - 30,000 | Daily transaction volume 20 million - 33 million USD | Daily transaction count 700,000 - 1.5 million

Bullx: Daily active users 20,000-30,000 | Daily trading volume 20-33 million USD | Daily transactions 200,000-400,000

Photon: Daily active users 18,000 - 27,000 | Daily transactions 30 - 50 million USD | Daily transaction count 250,000 - 350,000

GMGN: Daily active users 10,000-18,000 | Daily transactions 8-20 million USD | Daily transactions 180,000-290,000 trades

Trojan: 1.4-25,000 daily active users $7 million-$30 million in daily trading There are about 200,000 transactions per day

This roughly corresponds to the situation observed, with an increase of about 100,000+ users and over 100 million dollars in daily trading volume.

Lifetime Fees and Assets Under Management (on the platform ** SOL)**

Bullx: $186 million | Assets under management: 215,000 SOL approximately $30 million

Axiom: 39 million USD | Managed Assets: Unknown, but estimated to be similar to Bullx, possibly slightly lower.

Photon: $382 million | Managed assets: 539,000 SOL approximately $82.6 million

GMGN: $66 million fee | Managed assets: unknown, but estimated to be at least half of Bullx.

The circulating liquid SOL value in the Memecoin sector on relevant platforms and other platforms may exceed 200 million dollars.

PumpSwap

Pumpswap's daily trading volume ranges between 300 million to 480 million USD, accounting for 9% to 19% of the trading volume on Solana's decentralized exchanges. Since all new Pump.fun tokens are issued and traded on Pumpswap, this means that a significant amount of trading is still happening with early issuance tokens traded through Raydium/Meteora.

The launch of Pumpswap is a wise move by the Pumpfun team, as they charge a fee of 0.25%, with 0.02% allocated to liquidity providers (LP) and 0.05% allocated to the protocol.

In the first month after its launch, Pumpswap generated approximately $25 million in total fees (ranging from $100,000 to $240,000 per day), of which LPs received about $20 million, and the remaining $5 million was allocated to the protocol.

As the market share of Pumpswap continues to expand (steadily rising), this number is expected to keep growing, as people tend to trade new tokens rather than old tokens.

The perspective on how priority trading of new coins will continue to develop aligns with the Memecoin sector. It is no secret that competition in the Memecoin field has become increasingly fierce, as the remaining active participants are all seasoned veterans who have held their ground during the difficult times of declining SOL prices, reduced trading volume, and fewer users.

The Memecoin space relies on the new liquidity brought by new users, with the initial liquidity coming from those calmer encryption investors/industry participants who have "surrendered" due to the continuous devaluation of the altcoins they hold and are now seeking quicker returns.

As the entire market continues to grow, retail investors have also begun to get involved.

Players have grown tired of DeFi tokens that require careful management and a deep understanding of protocol design and dynamics. Memecoins remain the preferred tool for speculation, while Solana acts like a casino/dealer. They are easy to understand, have a low barrier to entry, and offer higher returns for new traders due to their highly asymmetric upside potential. New things happen every day, everything can be tokenized, and the content is infinitely rich: characters, content, events, memes, etc.

Everything has just begun.

Related Reading: Is it Local Frenzy or Comprehensive Recovery? Data Analysis of Solana Chain MEME Whale Movements and Market Divergence