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Recently reviewed the Solana Foundation's annual report, and the more I look, the more I feel some data warrants closer examination. The report heavily emphasizes the two-year growth figures of Meme coins, but when it comes to trading volume and user participation, the tone suddenly shifts.
According to on-chain data tracking, since Q2 2025, the daily trading volume of Meme coins on Solana has noticeably weakened. By Q4, weekly trading volume had dropped nearly 60% from its peak. Even more noteworthy is the user count — within three months, the daily average dropped from 120,000 to below 50,000, which is not a small fluctuation.
Why is Meme coin trading declining like this? A review of the situation in early 2025 reveals the clues. During that period, celebrity effects indeed fueled the market, with tools like GMGN's 24-hour trading volume once surpassing $153 million, and on-chain buzz reaching a peak. But this kind of hype-driven rally is inherently fragile. When the hot trend passes and participants disperse, the data immediately reveals the truth.
The current reality is that the downtrend in Meme coin trading has become a trend. It’s not a short-term correction but a natural retreat after the speculative frenzy subsides. On-chain activity and trading frequency are both declining, indicating fewer participants and cooling market enthusiasm. Some might say this is normal — every hot trend has its cycle. That’s true, but the key question is: where is the next driving force? After the bubble created by short-term celebrity effects bursts, sustained trading momentum is clearly insufficient.
This also explains why conclusions based solely on growth multiples can be misleading. Surface numbers may look impressive, but a closer look at trading depth, user retention, and market participation is necessary to assess the true health of this ecosystem. Currently, the popularity of Meme coins on Solana is indeed waning. No matter how the Foundation packages the data, the real on-chain situation won't deceive.
The foundation's approach is indeed a bit of a mimicry, using growth multiples to bluff, but upon closer inspection, the bubbles have burst and everyone is fleeing separately.
Things built on celebrity effects never last long. The current situation should have been obvious by now.
User drops from 120,000 to 50,000—does that still count as a normal cycle? That's hilarious.
Celebrity effect heats up the hype immediately cools down; such bubbles can't last.
Those chasing quick profits have all left; who’s still playing Meme coins?
Once the trending topic blows over, it's over. This ecosystem needs to consider where true sustainability lies.
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It's the same old trick of packaging data, but unfortunately, on-chain data is right there.
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A 60% drop still claims it's a short-term correction? Truly brainless to be fooled by this.
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Once the celebrity effect fades, the true nature is revealed. The lifespan of meme coins is that short.
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User numbers are directly halved, and yet some still boast about growth? Laughable.
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The key is that there's nothing to sustain life; once the hot topic passes, it basically cools down.
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Whether the market is fragile or not can be seen from trading depth; don't just look at the price increase to fool yourself.
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This round of Solana meme coins is just a bubble; it will burst sooner or later.
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When will the next driving force come? I see it as uncertain.
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The foundation can say whatever they want, but they can't deceive the truth on the chain. This is the reality.