Solana Meme Coin Launchpad Volume Drops Below $1B

Background: Shifting Focus Hits Solana Meme Coin Launchpad Volume

The Solana meme coin launchpad volume fell to a six-month low, with bonding curve trading dipping below $1 billion in the past week. According to Dune Analytics data and analysis by Adam Tehc, this decline in trading activity is linked to a noticeable shift in trader interest toward perpetual futures—financial derivatives that let investors bet on an asset’s price movement without owning the asset itself. The volume recorded last week for Solana meme coin launchpads was $796.2 million, with a daily low of $89.7 million, the lowest in three months and six months respectively for those timeframes.

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The bonding curve represents trading activity before meme tokens leave the launchpad phase, such as on platforms like Pump.fun. Tokens there “graduate” when reaching a market capitalization of $66,000, so bonding curve volumes are seen as a measure of grassroots trading in the meme coin ecosystem.

Market Reaction: From Meme Coins to Perpetual Futures

Adam Tehc attributed the volume drop to traders focusing elsewhere, especially perpetual futures. “Returns and attention are elsewhere right now,” Tehc told Decrypt, noting that last week’s trend in decentralized perpetual (perp) exchanges hit meme coin volumes “particularly hard.”

Dune Analytics data supports this, showing that perp trading volume soared from $155.1 billion to $466.8 billion week-on-week. By contrast, Solana launchpad trading saw a 42% decrease during the same period, down from $1.36 billion to $796.2 million.

This shift comes as the decentralized exchange Aster gained popularity by offering 1001x leverage and backing from Binance co-founder Changpeng “CZ” Zhao. Aster’s token price spiked 2,000% in its first week. However, prediction market Myriad users remain skeptical, placing only a 33% chance of Aster reaching $4 by November.

The draw of leveraged trading is enticing meme coin traders to perpetual futures platforms. As Ediz, a Pump.fun livestreamer, explained to Decrypt: “Leverage allows you to trade with your $1,000 like it’s worth $10,000 or $100,000. The risk is higher because of liquidation but degenerates do not care.”

What’s Next: Cyclical Patterns and Market Sentiment

Despite the downturn, seasoned meme coin traders believe the cycle will correct. Pseudonymous trader 0xWinged commented that “meme coins are cyclical” and expects volume to return as trends rotate back to the trenches. Adam Tehc agreed that past volume droughts have given way to rebounds, saying that “to be back [at March volumes] would need a sustained volume drop over several weeks, traders are just gambling elsewhere.”

Market fatigue is another factor. Ediz noted that after a busy summer, traders show less appetite for holding coins past modest gains and perceive the market as “too extractive.” Still, there is measured optimism. On Myriad, predictors gave PUMP token a 54% chance of reaching a $3 billion market cap, revealing underlying confidence in meme coins’ resilience on Solana.

For more on Solana and cryptocurrency trends, visit our cryptocurrency section.