Headline: Surge of Solana memecoin launches — and rapid drop-offs — deepen trader fatigue
Nearly eight in 10 tokens launched via Pump.fun stop trading after day one, fueling complaints that the memecoin market is saturated with launches but starved of reasons to hold.
Key findings
- Bitquery tracked new Solana tokens from Nov. 1, 2025 to Oct. 7, 2026 and logged 8,984,141 Pump.fun tokens. About 79% of those tokens had no trades after their first day. By week five, just 1.5% showed any trading activity and only 0.2% had at least 10 trades in that period.
- Other launch venues showed similar churn: 51% of Meteora Dynamic Bonding Curve tokens and 84% of Raydium LaunchLab tokens traded only on launch day. Only 1.9% of Meteora and 1.3% of Raydium tokens were still trading in week five.
- Bitquery’s dataset includes successful swaps (including automated trades) and notes some missing blocks and gaps for newer trade formats.
Broader datasets confirm mass volume, shallow longevity
- Jumpbit’s September report used dydt’s Solana trade index to follow 1,083,771 Pump.fun launches through Oct. 12. That work found about 36,100 launches per day and that 95.1% of launches recorded at least one trade.
- Yet persistence was limited: 17.2% had a last trade at least 24 hours after launch, 7.5% at least seven days later, and only 0.5% of the September launches traded in the final 24 hours of observation. Jumpbit counts a token as “still trading” if its most recent transaction falls beyond the given age; a creator’s first buy counts, and transactions can register even when price/tick value is near zero.
Launchpad tallies and creator economics
- MemeFees reported at least 21,765 launches across eight tracked platforms on Oct. 19. Flap.sh led with 10,570 launches, Pump.fun had at least 9,284, and Pons had 1,707. Seven‑day daily averages were 17,726 for Pump.fun, 11,325 for Flap.sh and 1,578 for Pons; Pump.fun counts are lower bounds due to incomplete collection windows.
- Using factory‑contract events, MemeFees marks its Flap.sh and Pons counts as exact where contracts are covered.
- A Sept. 5 historical account of Pons’ activity cited more than 10,000 daily deployments and $4 billion in cumulative platform volume. Creators reportedly received nearly 70% of Pons’ 1% trading fee, totaling more than $25 million at that time.
Bot-like activity and minimal trading depth
- DEXTools’ June 29 snapshot of 215 fresh Pump.fun pools classified 24% as showing a “bot-like burst” (defined as at least 20 trades within 15 minutes). The sample found a median of three trades per token and 30% of tokens had no recorded trades. DEXTools measured how many tokens crossed activity thresholds, not the dollar volume attributable to bots.
Trader sentiment: fatigue and a loss of magic
- Traders report a market dominated by immediate sell pressure, short holding windows and declining community excitement. On X, user Mystral summarized the mood: “we don’t have a shortage of coins, we have a shortage of reasons to hold them,” and warned memecoins are losing “the feeling that a random community could turn something completely stupid into a billion dollar phenomenon.”
- Another trader, Bishaqs, described launchpad trading as “a market for attention” and cautioned that most projects never “make it off the bonding curve,” suggesting early gains are the primary product for many launches.
Cases in point: rapid rises, rapid fades
- Meme Agency (launched via Pump.fun on Oct. 4) “graduated” the same day. DexBrief data cited about 5,390 holders, 8,070 active traders, nearly 14,000 transactions and roughly $965,400 in trading volume in about 24 hours.
- PunchCard (started trading Oct. 1) spiked to $0.00019527 on Oct. 2, then traded around $0.000045 by Oct. 6, with a market cap near $43,900 — an illustration of dramatic intra‑week re-ratings.
Market size context
- CoinGecko estimated the memecoin category at roughly $29.9 billion as of Oct. 18, 2026 — led by Dogecoin (~$12.4 billion) and Pepe (~$1.6 billion) — showing that while mature memecoins retain large caps, the long tail of launches largely fails to sustain trading.
What this means
The Solana launchpad ecosystem is producing huge volumes of token creations and short‑term trading activity, but the data point to extreme churn: mass launches, noisy opening sessions and rapid fade-outs. That dynamic raises questions about liquidity, market quality, the role of bots and what incentives truly benefit creators versus later buyers. For traders and observers, the market increasingly feels like a sprint for attention rather than a place to discover enduring communities or projects.
Nearly eight in 10 tokens launched via Pump.fun stop trading after day one, fueling complaints that the memecoin market is saturated with launches but starved of reasons to hold.
Key findings
- Bitquery tracked new Solana tokens from Nov. 1, 2025 to Oct. 7, 2026 and logged 8,984,141 Pump.fun tokens. About 79% of those tokens had no trades after their first day. By week five, just 1.5% showed any trading activity and only 0.2% had at least 10 trades in that period.
- Other launch venues showed similar churn: 51% of Meteora Dynamic Bonding Curve tokens and 84% of Raydium LaunchLab tokens traded only on launch day. Only 1.9% of Meteora and 1.3% of Raydium tokens were still trading in week five.
- Bitquery’s dataset includes successful swaps (including automated trades) and notes some missing blocks and gaps for newer trade formats.
Broader datasets confirm mass volume, shallow longevity
- Jumpbit’s September report used dydt’s Solana trade index to follow 1,083,771 Pump.fun launches through Oct. 12. That work found about 36,100 launches per day and that 95.1% of launches recorded at least one trade.
- Yet persistence was limited: 17.2% had a last trade at least 24 hours after launch, 7.5% at least seven days later, and only 0.5% of the September launches traded in the final 24 hours of observation. Jumpbit counts a token as “still trading” if its most recent transaction falls beyond the given age; a creator’s first buy counts, and transactions can register even when price/tick value is near zero.
Launchpad tallies and creator economics
- MemeFees reported at least 21,765 launches across eight tracked platforms on Oct. 19. Flap.sh led with 10,570 launches, Pump.fun had at least 9,284, and Pons had 1,707. Seven‑day daily averages were 17,726 for Pump.fun, 11,325 for Flap.sh and 1,578 for Pons; Pump.fun counts are lower bounds due to incomplete collection windows.
- Using factory‑contract events, MemeFees marks its Flap.sh and Pons counts as exact where contracts are covered.
- A Sept. 5 historical account of Pons’ activity cited more than 10,000 daily deployments and $4 billion in cumulative platform volume. Creators reportedly received nearly 70% of Pons’ 1% trading fee, totaling more than $25 million at that time.
Bot-like activity and minimal trading depth
- DEXTools’ June 29 snapshot of 215 fresh Pump.fun pools classified 24% as showing a “bot-like burst” (defined as at least 20 trades within 15 minutes). The sample found a median of three trades per token and 30% of tokens had no recorded trades. DEXTools measured how many tokens crossed activity thresholds, not the dollar volume attributable to bots.
Trader sentiment: fatigue and a loss of magic
- Traders report a market dominated by immediate sell pressure, short holding windows and declining community excitement. On X, user Mystral summarized the mood: “we don’t have a shortage of coins, we have a shortage of reasons to hold them,” and warned memecoins are losing “the feeling that a random community could turn something completely stupid into a billion dollar phenomenon.”
- Another trader, Bishaqs, described launchpad trading as “a market for attention” and cautioned that most projects never “make it off the bonding curve,” suggesting early gains are the primary product for many launches.
Cases in point: rapid rises, rapid fades
- Meme Agency (launched via Pump.fun on Oct. 4) “graduated” the same day. DexBrief data cited about 5,390 holders, 8,070 active traders, nearly 14,000 transactions and roughly $965,400 in trading volume in about 24 hours.
- PunchCard (started trading Oct. 1) spiked to $0.00019527 on Oct. 2, then traded around $0.000045 by Oct. 6, with a market cap near $43,900 — an illustration of dramatic intra‑week re-ratings.
Market size context
- CoinGecko estimated the memecoin category at roughly $29.9 billion as of Oct. 18, 2026 — led by Dogecoin (~$12.4 billion) and Pepe (~$1.6 billion) — showing that while mature memecoins retain large caps, the long tail of launches largely fails to sustain trading.
What this means
The Solana launchpad ecosystem is producing huge volumes of token creations and short‑term trading activity, but the data point to extreme churn: mass launches, noisy opening sessions and rapid fade-outs. That dynamic raises questions about liquidity, market quality, the role of bots and what incentives truly benefit creators versus later buyers. For traders and observers, the market increasingly feels like a sprint for attention rather than a place to discover enduring communities or projects.