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Solana’s onchain trading activity has slowed sharply in recent weeks, with volume across pump.fun tokens averaging just $560 million per day in the latter half of last week. This marks the lowest daily average since Christmas 2024 and represents an 82% decline from the record high of $3.13 billion set three weeks earlier, according to The Block’s Data & Insights.
The slowdown extends beyond trading volumes. The percentage of pump.fun tokens graduating to Raydium fell to an average of 1.04% last week, down from 1.54% and 1.59% in the two preceding weeks. The decline signals reduced interest in progressing these tokens into broader trading ecosystems.
A similar trend is seen in Jito validator tips, a key indicator of trading activity on Solana. The daily average of tips paid stood at 23,800 SOL, or around $4.8 million last week. That’s a sharp drop from 42,000 SOL (~$9.9 million) and 68,500 SOL (~$17.5 million) recorded in the previous two weeks, further highlighting the market’s cooling momentum.
Solana’s onchain market has been compared to a “euthanasia coaster,” characterized by extreme peaks followed by diminishing cycles. The trend is reflected in memecoin valuations. The $TRUMP memecoin hit a fully diluted valuation of around $75 billion at its peak. The following launches—$MELANIA, $VINE, and $jellyjelly—each reached successively lower market caps, at over $13 billion, $500 million, and $250 million, respectively.
The latest entrant, $JAILSTOOL, backed by Barstool Sports founder Dave Portnoy, peaked at a $220 million market cap. The pattern suggests waning enthusiasm for new tokens, reinforcing the broader slowdown in Solana’s speculative trading landscape.
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