Activity across Solana’s decentralized exchanges (DEX) has dropped significantly in recent months. As the memecoin craze fades, Solana’s transaction fee volume has slumped to its lowest point this year.
On September 12, users spent only $146,411 on transaction fees, the lowest level since December 2023. Average transaction fees also dipped to a six-month low of $0.0053 on September 7.
For comparison, Solana hit its peak on March 18, when daily fees reached $5.08 million and average fees were over $0.06. The decline is largely due to reduced activity in Solana’s once-thriving memecoin market.
Memecoin Launches and DEX Activity Decline
New token launches on Solana’s PumpFun memecoin launchpad also dropped sharply, reaching a six-month low of 4,580 on September 8. This is a 77.6% decrease from the peak of 20,465 launches in August. In addition, PumpFun-related volume on DEXes hit its lowest level since April, with $123.1 million on September 7, an 81.7% drop from its June high of $674.1 million.
Similarly, active PumpFun users fell to 35,212, the lowest number since early May. This led to a sharp fall in PumpFun’s daily revenue, which dropped 92% from $5.33 million to around $425,000 over the last month.
Solana’s DEX Revenue Also Slows Down
Beyond memecoin activity, overall DEX activity on Solana has slowed. Solana-based DEXes recorded $535.1 million in volume on August 31, marking a six-month low for the platform. Despite this, SOL’s price has seen a modest rise of 6.5% over the past week.
Rival Networks Seize the Opportunity
As Solana’s memecoin sector cools, rival networks have attempted to capitalize on the trend. For instance, SunPump, a Tron-based memecoin launchpad, saw success initially but has since experienced a steep decline. Token launches dropped from 7,500 on August 21 to only 597 by September 12, while daily revenue plummeted by 94.3%.
Similarly, EtherVista, an Ethereum-based memecoin launchpad, launched on August 31, but its activity quickly dwindled. Daily users fell from 9,691 to 2,554, and hourly swaps dropped below 100 after peaking at 3,500. Meanwhile, TraderJoe, Avalanche’s largest DEX, is planning to release its Token Mill launchpad, while BounceBit Layer 1 will introduce its own launchpad on September 16.
