Pump.Fun, the Solana-based meme coin launchpad, saw daily fees drop 99%, from $15.5 million in January to just $117,000 on Sunday, according to Dune Analytics. Daily active addresses also fell sharply, from 290,000 to 146,000.
“LIBRA was the final blow, shattering the illusion that memecoins were fair launches,” said CoinGecko co-founder Bobby Ong, referring to the controversial Solana-based meme coin endorsed by Argentina’s President Javier Milei.
Solana’s overall memecoin revenue since Pump.Fun’s launch has reached $585 million, but prediction markets doubt it will hit $615 million by month’s end.
Perfect Storm of Negative Sentiment Hits SOL
According to Messari analyst Matthew Nay, Solana has been rattled by a “perfect storm” of bad news—meme coin fatigue, FTX bankruptcy liquidations, and broader market turbulence fueled by Trump’s ongoing trade war.
When FTX collapsed in 2022, its bankruptcy estate was left with millions of locked SOL tokens. Earlier this month, 11.16 million Solana were unlocked, freeing up $1.3 billion worth of SOL—an event that spooked investors.
“In my opinion, we’re a little oversold,” said Nay. “The FTX unlock schedule was already priced in to a certain extent.”
Beyond meme coins, Solana has gained traction among institutional investors, with several asset managers filing for a Solana ETF. However, regulatory uncertainty remains a major hurdle.
“Right now, the only thing that’s happened is they didn’t get a phone call telling them to go away,” said Bloomberg Senior ETF Analyst Eric Balchunas, noting the SEC’s ongoing enforcement actions.
While some believe a Solana ETF could be approved in the second half of 2025, analysts say legislation on market structure is a bigger priority for regulators right now.
The Future of Solana: Meme Coins, ETFs, and Institutional Adoption
Despite the downturn, Nay remains optimistic, predicting that Solana will capture the bulk of meme coin activity when the market rebounds.
“Solana had a meme coin summer, generating massive revenue through Pump.Fun,” he said. “That kind of activity isn’t going away anytime soon.”
With ETF applications pending and memecoin hype cycles far from dead, the future of Solana remains uncertain—but not without potential upside.
