Solana Meme Temporarily "Cooling Off"? Pump.fun Daily Trading Volume Plunges 82%

By: blockbeats|2025/02/13 17:45:02
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Original Article Title: "Solana Meme Season Over? Pump.fun Daily Trading Volume Plunges 82%, Launch Success Rate Down to 1%"
Original Article Author: Ting, BlockTempo from ChainNews

During this bull market, the veteran public chain Solana has become one of the prime meme coin incubation grounds due to its low transaction fees and smooth transaction experience. The token issuance platform Pump.fun sensed investors' fervent sentiment towards meme coins, not only introducing a "one-click token issuance" feature but also allowing users to freely issue meme coins, continuing to ignite the all-around issuance frenzy in the Solana ecosystem.

Pump.fun Daily Average Trading Volume Plunges 82% to Lowest Level Since Christmas

However, the recent meme frenzy on Solana has shown a clear cooling trend. According to The Block, starting from the 6th, the daily average trading volume of meme coins launched from Pump.fun to the decentralized exchange Raydium on Solana has dropped to $560 million.

This data marks the lowest level since Christmas 2024, decreasing by 82% compared to the peak single-day trading volume of $3.13 billion three weeks ago.

Solana Meme Temporarily

Furthermore, even the "token graduation rate" of Pump.fun (the probability of launching to Raydium) has also decreased. Last week, only 1.04% of Pump.fun tokens successfully launched on Raydium, while the graduation rates from the two weeks prior were 1.54% and 1.59%, respectively.

Additionally, the daily average tip amount paid to Jito validators in the Solana ecosystem dropped to 23,800 SOL (approximately $4.8 million) last week. In comparison, the data from the previous two weeks were 42,000 SOL (approximately $9.9 million) and 68,500 SOL (approximately $17.5 million).

As users typically tip Jito validators to expedite transactions, the decline in this data indicates a waning transaction activity.

Pump.fun Daily Token Graduation Rate, source: The Block

Solana Meme Coin "Gold Dog" Market Cap gradually decreasing

Additionally, The Block also pointed out that Solana's meme coin market is undergoing a process of a "roller-coaster euthanasia," referring to a situation where after initially experiencing a significant rally, each subsequent peak in price action is gradually lower.

The beginning of this trend can be traced back to the January 18 release of $TRUMP, whose FDV once reached $75 billion, followed by the issuance of $MELANIA with a market cap of $13 billion.

Subsequently, the founder of the Vine platform launched $VINE, with a peak market cap approaching $500 million; a few days later, the co-founder of Venmo issued $jellyjelly, reaching a peak market cap of $250 million; and most recently, $JAILSTOOL, promoted by Barstool Sports founder Dave Portnoy, reached a peak market cap of around $220 million.

The decreasing peak market caps of these Solana meme coins at different times indirectly indicate that the hype in the Solana memecoin market is waning, and speculative sentiment is gradually cooling off.

Pancakeswap's nearly 24-hour trading volume surpasses Uniswap

On the other hand, with Binance founder Changpeng Zhao recently interacting with the test token $TST on the community platform X, and Binance's subsequent series of listings and promotions on the BNB Chain official platform, there appears to be a flow of funds into the BNB Chain.

According to Defillama, the leading DEX protocol Pancakeswap on the BNB Chain has achieved a nearly 24-hour trading volume of $302 million and a 7-day trading volume of $2.1207 billion, surpassing Uniswap, Raydium, Orca, and various other well-known DEXs, indicating the exceptional popularity of the BNB Chain in the recent period.

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On March 4, 2026, DDC Enterprise Limited (NYSE American: DDC) today announced preliminary, unaudited full-year financial performance for the year ended December 31, 2025. The company expects to achieve record revenue and record positive adjusted EBITDA, primarily driven by continued growth in its core consumer food business and overall margin improvement. The final audited financial report is expected to be released in mid-April 2026.


2025 Full-Year Financial Highlights


Revenue: Expected to be between $39 million and $41 million, reaching a new company high.


Organic Growth: Excluding the impact of the company's strategic contraction of its U.S. operations, core revenue is expected to grow 11% to 17% year over year.


Gross Profit Margin: Expected to be between 28% and 30%, reflecting continued operational efficiency improvements.


Adjusted EBITDA: The company expects to achieve a positive full-year result in 2025, a significant improvement from a $3.5 million loss in 2024, mainly due to rigorous cost controls and a higher-margin sales mix.


Core Consumer Food Business Performance


In 2025, DDC's core consumer food business maintained strong operational performance.


The company also disclosed Core Consumer Food Business Adjusted EBITDA, a metric that further excludes costs related to its Bitcoin reserve strategy and non-cash fair value adjustments related to its Bitcoin holdings from adjusted EBITDA to more accurately reflect the core business performance.


In 2025, Core Consumer Food Business Adjusted EBITDA is expected to be between $5.5 million and $6 million.


Bitcoin Reserve Update


In the first half of 2025, DDC initiated a long-term Bitcoin accumulation strategy, holding Bitcoin as its primary reserve asset.


As of December 31, 2025: The company holds 1,183 BTC.


As of February 28, 2026: Holdings increased to 2,118 BTC


Today's additional purchase of 65 BTC brings the company's total holdings to 2,183 BTC


DDC Founder, Chairman, and CEO Norma Chu stated, "We are proud to have closed 2025 with record revenue and positive adjusted EBITDA, demonstrating the steady growth of the company's consumer food business and the ongoing improvement in profitability. We are building a disciplined, growth-oriented food platform and strategically allocating capital to Bitcoin assets with a long-term view, aligning with our core beliefs. We believe that this dual-track model of 'Steady Consumer Business + Strategic Bitcoin Reserve' will help DDC create lasting long-term value for shareholders."


Adjusted EBITDA Definition
For the full year 2025, the company defines "Adjusted EBITDA" (a non-GAAP financial measure) as: Net income / (loss) excluding the following items:· Interest expense· Taxes· Foreign exchange gains/losses· Long-lived asset impairment· Depreciation and amortization· Non-cash fair value changes related to financial instruments (including Bitcoin holdings)· Stock-based compensation


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The company has established Bitcoin as a core reserve asset and is executing a prudent, long-oriented accumulation strategy. While expanding its portfolio of food brands, DDC is gradually becoming one of the public company pioneers in integrating Bitcoin into its corporate financial architecture.


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