Comparison of online trading data of PumpSwap, Raydium’s largest competitor, can now be relatively at ease with the treasures holding ray. Although the trading volume diversion has a certain impact, it is not fatal. Raydium will also launch LauchLab within a week to compete directly with Pump.fun, which is a bad news and good news is coming. Recently, ray has followed the market below the four-hour upward channel, but the decline is weaker than SOL. There is an opportunity to increase your position and buy at the bottom and fall below the stop loss. If you are going to see if the Big Bing stop falling or fall below a new low next week, you will understand the implementation of Wang’s tariff policy on April 2. Be sure to pay close attention to the turning point opportunities! According to Wu, the blockchain news Pumpfun accounted for 20% of Solana DEX transaction volume on Friday, setting an all-time high. Pumpfun (bonding curve+PumpSwap AMM) yesterday accounted for 20% of Solana DEX trading volume, setting an all-time high. In the past 30 days, non-Pumpfun Memes accounted for 33% of DEX volume, SOL-USD accounted for 27%, Pumpfun Memes accounted for 25%, and the others were 15%. Raydium once accounted for 70% of Pumpfun token trading volume, but currently PumpSwap accounts for more than 60% of Pumpfun token trading volume; however, Raydium still accounts for 90% of the market share in non-Pumpfun tokens. What we really have to worry about is the cooling of the MEME market on the SOL chain. Solana's on-chain expenses dropped from a single week of US$89.91 million in January 2025 to US$5.64 million on March 17, a decrease of about 93.7%, and other public chains are also sluggish. The "civil war" between Pump.fun and Raydium is likely to be just a meaningless internal friction. The two sides are competing for a shrinking market, rather than a blue ocean that continues to grow. Without real innovation and practical value, this competition may only accelerate the cooling of the market and the division of the Solana ecosystem. The transition from cooperation to competition between Pump.fun and Raydium reveals deep contradictions in the Solana ecosystem. Although data analysis shows that the launch of PumpSwap may cause Raydium to lose nearly half of its new token market in the future. But it should be noted that data can only illustrate history, but cannot truly predict the future. As the market shrinks, Pump.fun may not have much ability to transfusion blood to Raydium. Launching PumpSwap is more like a helpless self-protection behavior. For investors, while paying attention to the competition between Pump.fun, Raydium or Four.meme, they should be more wary of the overall cooling trend of the MEME market and avoid becoming the "last leek" in this "civil war". $SOL $RAY $OM #MEME currency carnival #US tariffs are imposed #Golden dog is unstoppable #Gold price rises #crypto market pulls back