The onchain trading environment on Solana, often referred to as the “trenches”, has evidently cooled off in recent weeks. The trading volume across graduated pump.fun tokens averaged just $560 million per day over the latter half of last week.
This represents its lowest average daily volumes since Christmas 2024 and an 82% decline from its single-day record of $3.13 billion three weeks ago. Pump.fun token graduations have also been declining, with an average of just 1.04% of tokens on pump.fun graduating to Raydium last week, compared to 1.54% and 1.59% in the previous two weeks, respectively.
Meanwhile, the daily average amount of tips paid to Jito validators on Solana stood at 23,800 SOL or roughly $4.8 million last week. In comparison, this figure averaged 42,000 SOL (~$9.9 million) and 68,500 SOL $~17.5 million) in the previous two weeks, respectively. This reduction is a sign of declining trade activity among users, as this metric is often directly correlated due to how users tend to bribe Jito validators to speed up their transactions.
It seems likely the Solana “trenches” have been experiencing a euthanasia coaster of sorts.
A euthanasia coaster is a metaphorical reference to a roller coaster designed to provide a series of intense highs and steep drops, with each subsequent rise and fall becoming progressively smaller. In the case of Solana memecoins, the first peak was the $TRUMP memecoin a couple of weeks ago, followed by various memecoin launches since, each with lower and lower market cap ceilings, from $MELANIA to $VINE and $jellyjelly and most recently, $JAILSTOOL.
For context, $TRUMP peaked at a fully diluted valuation of ~$75 billion. Its follow-up derivative, $MELANIA, launched shortly after and peaked at an over $13 billion FDV. This was then followed by $VINE a few days later, a memecoin promoted by the founder of the Vine platform, which reached a near-$500 million market cap at its highest point. A couple of days later came $jellyjelly, a pump.fun coin launched by one of the co-founders of Venmo, which peaked at a $250 million market cap.
Most recently came $JAILSTOOL, a memecoin promoted by the founder of Barstool Sports, Dave Portnoy, which at the time of writing, has already peaked at a $220 million market cap.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
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