author:Nico

Source: Nico X Account

Compiled by: Ethan,

I have been diving deep in the "trenches" of the cryptocurrency trading field for a long time, and this is the moment when many crypto people on X claim that this field is "dead".

Currently, trading Memecoin is less than the level it was several months ago, and TRUMP has indeed reached a local peak in Memecoin's mental share, trading volume and liquidity attraction. But at that time, the price of SOL was as high as US$290, and BTC broke through the $100,000 mark, and the entire bull market was in full swing. BTC then pulled back to the 74-88 K range, and SOL even formed a local low at $95. But now that SOL has rebounded strongly above $140 (46% gain in 15 days), BTC has returned to the $90,000 mark, and it is time to reassess the coronavirus situation.

Despite the lower SOL price, generally bearish and burnout, the data showed a different picture. Let's look at it through April to date statistics:

The pump.fun platform has generated approximately $650 million in trading volume so far, with an average daily trading volume fluctuating between $1 million and $2.7 million in April, with an average of $1.5-2 million high.

April trading volume has rebounded significantly after the decline in trading volumes after the high SOL period and the TRUMP boom. With the launch of PumpSwap and the near-seamless migration mechanism, the trading experience around token migration events has been optimized, which is reflected in the continuous increase in the platform's weekly trading volume.

So far, 9.7 million tokens have been created, with an average daily issuance of 20,000 to 40,000 in April. 100-350 tokens have completed their "graduation" every day, and the graduation rate remains at 0.4-0.8%.

The phenomenon of decreasing graduation rates over time is related to the decline in users and transaction volume, indicating that in the current "trenches", more small groups are grouping together to hoard chips when new tokens are issued, and then smashing each other's shares. When it is not possible to attract enough liquidity to maintain the price of tokens, these groups often choose to withdraw funds in advance.

Active User Analysis

From December 2024 to February 2025 peak period, 200,000 to 400,000 users trade Memecoin through pump.fun every day. Since then, the number of users has continued to decline, and has been below 200,000 in the past two months. Currently, the number of daily active wallets is stable at around 150,000, and the proportion of new and old users is balanced. It should be noted that most "trench" traders use a multi-wallet strategy and will change their active wallets regularly.

Trading robot data list

As we all know, Memecoin trading activities are highly concentrated in the top five trading terminals:

• @AxiomExchange
• @tradewithPhoton
• @gmgnai
• @TrojanOnSolana

The following is a comparison of key indicators (daily dimension):

These platforms contributed a combined contribution of more than 100,000 daily active users and $100 million daily trading volume, consistent with market observation.

Calculation of the platform's cumulative expenses and asset management scale (AUM) (SOL is US$140)

• Bullx: Cumulative cost $186 million | AUM 215,000 SOL (approximately $30 million)
• Axiom: Cumulative cost of $39 million | AUM is estimated to be comparable to Bullx (probably slightly lower)
• Photon: Cumulative cost $382 million | AUM 539,000 SOL (approximately $82.6 million)
• : Accumulated cost of US$66 million｜AUM is estimated to be at least half of Bullx

It is estimated that the total value of SOL liquidity in circulation in the Memecoin sector is more than US$200 million. The next article will dive into the total value of all liquidity pools (LPs) and tokens.

PumpSwap Ecological Observation

PumpSwap's current daily trading volume reaches US$300 million to US$480 million, accounting for 9-19% of the market share of Solana's on-chain DEX trading volume. It is worth noting that since all new pump.fun tokens are traded on PumpSwap, this indicates that there are still a large number of transactions on old tokens traded through Raydium/Meteora.

PumpSwap charges a 0.25% transaction fee, including:

• 0.20% allocated to liquidity providers (LPs)
• 0.05% owned by the agreement

The first month of online launch was about $25 million in fees (average daily of $100,000-240,000), liquidity providers received $20 million, and agreement revenue of $5 million. As PumpSwap's market share continues to expand (currently showing a steady growth trend), the data is expected to continue to rise, which also confirms the trend of traders being more inclined to choose new tokens over old ones.

Insight

The priority trading model of the new token is exactly in line with my predictions about the development of the Memecoin field. The recent upgrade of the survival difficulty of "trenches" has become an open secret. Most of the retained players are "veterans" who have experienced the cold winter tests such as low SOL prices, shrinking transaction volume and user loss.

The vitality of the Memecoin field depends on the injection of new liquidity, with veteran crypto investors trapped in the losses of mainstream altcoins turning to seeking quick profit opportunities. As the field expands, retail investors have also begun to enter this "deep water zone" with high risks and high returns.

Compared with DeFi tokens that require fine operation and deep understanding of protocols, Memecoin has always been the preferred carrier of speculation with its low threshold, high asymmetric returns (i.e. low investment and high return possibility), and the unlimited creative space of everything that can be tokenized (character/content/event/memories, etc.). Solana firmly sits on the throne of the "crypto casino" dealer.

What if I ask about potential opportunities in other areas? In addition to Memecoin, Hyperliquid and its ecology, as well as farcoin (because "popularity" always rises) or opportunities exist. But if someone thinks that the "trench" is dead - the mission has not been completed, everything has just begun.