PANews reported on February 13 that according to The Block, the trading volume of Pump.fun tokens on Solana has cooled down recently. The average daily trading volume in the past week was only US$560 million, a new low since Christmas 2024, a sharp drop of 82% compared to the single-day high of US$3.13 billion three weeks ago.
In addition, the Raydium graduation rate of Pump.fun tokens is also declining, with an average of only 1.04% of tokens successfully graduating last week, compared to 1.54% and 1.59% in the previous two weeks. At the same time, Jito validator tips on the Solana network also fell from 68,500 SOL (US$17.5 million) two weeks ago to 23,800 SOL (US$4.8 million) last week, indicating a decline in trading activity.
Solana's recent meme coin market has been described as a "euthanasia roller coaster" effect, where the market cap peaks of each new round of coins gradually decrease. For example, $TRUMP once reached $75 billion in FDV, while the subsequent $MELANIA, $VINE, $JELLYJELLY and the latest $JAILSTOOL market cap peaks decreased to $13 billion, $500 million, $250 million and $220 million, respectively, indicating that market sentiment is gradually cooling down.
