TL;DR
Solana’s once-bustling meme trading scene is showing signs of cooling, as the so-called trenches of meme enthusiasts slow their activity. Platforms like Pump.fun have seen a decline in daily engagement, with fees falling to $2.49 million after briefly exceeding $6 million. The native PUMP token also dipped to a weekly low near $0.0058, down from a monthly high of $0.008.
Observers note that meme graduates are launching with lower market caps, often under $10 million, compared to the $100 million valuations common during the summer surge. Social media activity surrounding meme projects has also decreased, reflecting a broader trend of users focusing on trading profits rather than content creation.
As meme launchpads lose momentum, decentralized perpetual futures platforms are emerging as the new focal point for high-risk traders. Jupiter and Drift Protocol are attracting users with competitive liquidity and diverse token offerings, while newly launched platforms like Aster, supported by Yzi Labs, encourage participation even from smaller traders. Interest in these platforms is growing, with many seeking trading opportunities rather than discovering new meme tokens, signaling a shift in market behavior. Several smaller chains are now experimenting with their own derivatives platforms, expanding options for niche traders and increasing overall network engagement.
BSC has benefited from the migration of trading activity, generating $1.15 million in daily fees, the highest since March. In contrast, Solana fees have dropped to around $1.05 million, reflecting the cooling of meme trenches and decreased participation on launchpads. PancakeSwap, as the main DEX on BSC, is drawing attention from traders seeking both stability and high-yield trading opportunities. Market watchers suggest that growing DeFi integrations and cross-chain bridges further support BSC’s fee growth, potentially attracting long-term liquidity away from Solana.
Despite the shift, Solana remains a hub for token launches and liquidity, particularly with USDC reserves available for traders. However, the future success of perpetual futures platforms may hinge on the behavior of whales, who are still deciding where to allocate funds. Hyperliquid maintains a first-mover advantage, but Aster’s recent surge shows that newer competitors can still capture significant attention.
Also read: Cardano Price Prediction Turns Bearish As Institutional Investors Accumulate Rollblock
