Traders Debate: Is It Game Over for Solana Meme Coins?

Meme coins are bad. Dogecoin (Doo) has fallen by 60% compared to its 2024 High, Pepe (Pepe) 73% has fallen compared to his all time and Dogwifhat (Wif) has fallen 88% from his peak. Not only that, but the trenches also dry up.

Popular launchpad and Cultural Hub Pump. Fun launched 64.6% fewer tokens on Wednesday than during its high reached in January. In addition, according to Die dataThe weekly graduation percentage of tokens is the lowest that it has been since July 2024 – a graduates of a token when it affects a certain market capitalization, previously this was $ 69,000 but was raised to $ 100,000 at the end of last year.

This silence has encouraged some traders to believe that the Meme Coin Casino is closed, to never open again. Loopify, the pseudonym of founder of Crypto -Ducation platform Pluid and trader, believe that the meme mint cycle is over, point to statistics That suggests that Meme Coin’s trend has awarded the last NFT Bull Run.

In particular, the most popular NFT marketplace OpenSea has generated $ 943 million in income since the launch of 2017, according to Dune data, has generated by comparison pump.fun More than $ 574 million Since the launch of January 2024. Not to mention that is income generated by Trade bots, market makers and other protocols that are essential for the meme coin economy.

Others see these statistics and just think it’s time to continue pumps. Fun as the center of the ecosystem of the meme coin.

“The Pomp.Fun days are over,” Pseudonymous trader and WIF implementation Solana Bateman told Decrypt. “They have extracted too much without ever giving something back.” They added: “The difference between us and them: we care about Solana, this is our home. They only care about filling their pockets. ‘

It is a common accusation aimed at the launch platform, where no -sayers claim that it does not do enough to evolve the trenches and simply sell the entire solution that the platform generates – although the Founders deny this claim. Bateman says that the platform could improve its tokenomics, create better liquidity pools or offer more sustainable models by, for example, adding token -evasions to certain market caps.

Decrypt has contacted Pump.Fun founder Alon and will update this article if we receive a response.

How did we get here?

Much of the collapse of the Meme Munt can be traced to the launch of the official meme -Munt van Donald Trump, days before his inauguration in January. Euphorie spread throughout the market while Degen heralded a new era for meme coins and crypto as a whole.

The next day, Melania Trump launched her own token, making it the Trump – token crash – with Melania who will follow soon. With this, the sentiment shifted in Breakhal’s pace when traders woke up to the “stretch. “Trump is now with an 85% decrease in all time, according to Dex ScreenerAnd Melania 94%has fallen.

These two launches absorbed liquidity of meme coin traders, while also important losers, Rennick Palley, founder of HEDG Fund Stratostold Decrypt. In the coming months, more large meme coin will launch a spiked and fell within 24 hours – with which large losses for traders in the process were accused.

The most striking thing is that scale rose to a market capitalization of $ 1.17 billion before he dropped 96% to $ 40 million in just six hours, after the Argentinian President Javier Milei promoted it on social media. The Fallout saw widespread accusations of trade with prior knowledge involving large protocols and influencers, while researchers found connections between the emennials of the meme coin and those behind Melania Trump’s meme.

With a narrative building that meme coins were a decorated game, feared that the sector was rotten to the core a record high. Bateman believes that this was the “last nail in the coffin” for meme coins.

“Initially, [meme coins] Looks like a casino game, “Nick Vaiman, co-founder and CEO of Analytics Firm Bubblemapstold Decrypt. “In reality it is much worse: the game has been rigged from the start.” He explained that: “Your chances are almost nothing because the real winners have already been dropped off: the insiders who know things in advance, the refined snipers who come in early, and the team behind it.”

For some, this is enough to stop MEME coins and to look at more stable investments with real value behind it. Chatter portfolio manager Pranav canade told Decrypt He expects that capital from Meme -coins will flow into a “handful of altcoins” because of the spirit they can offer. But not everyone is convinced.

“Many of these people do not like the idea of ​​traditional altcoins by VCs with large visions,” Loopify said Decrypt“It is therefore more likely that they will adhere to a few cult tokens and/or [they] Leave the market completely until there is another occasion. “

Crypto trader Murad Mahmudov spoke about his meme coin investment thesis, which is all about finding “cults” and buying it. According to CoenteckoHowever, there has been no token from his list in the Green for the past seven days.

There are also macro pressure that pushes prices across the board. Bitcoin (BTC) has fallen by 17% since the launch of the scales and the S&P 500 has fallen by 2.7% last month TradingviewWhile the Trump government is rattling the market with rates.

“The global liquidity has also decreased lately and memes are the most sensitive to this,” said Palley, and predicted that “it seems that the liquidity was recently imposed, so memes will probably recover in the coming months.”

Trench traders agree with pseudonymous Mem Coin Trader 0xwinged claim that the market “has responded heavily exaggerated” and predicts that Solana Will soon return to $ 170 with the volume that returns to the trenches.

“At the end of the day, human nature wanted to gamble, and as the liquidity in the market increases, money will also be available to gamble.” Said Palley and added that: “Meme coins are here to stay.”