The Memecoin Phenomenon: An In-Depth Study of Solana's Blockchain Trends
Davide Mancino

TL;DR
This study examines Solana's memecoin ecosystem, highlighting rapid growth, high speculation, and the significant influence of Pump$.$fun, raising concerns about market stability and long-term sustainability.
Contribution
It provides an in-depth analysis of memecoin trends on Solana, quantifying their market share, growth, and risks, which is a novel focus on this emerging phenomenon.
Findings
Pump$.$fun accounted for 71.1% of tokens minted on Solana.
The platform contributed 40-67.4% of total DEX transactions.
Fewer than 2% of tokens moved to major exchanges.
Abstract
This paper analyzes the emerging memecoin phenomenon on the Solana blockchain, focusing on the Pumpfun platform during Q4 2024. Using on-chain data, it is explored how retail-focused token creation platforms are reshaping blockchain ecosystems and influencing market participation. This study finds that Pumpfun accounted for up to 71.1% of all tokens minted on Solana and contributed 40-67.4% of total DEX transactions. Despite this activity, fewer than 2% of tokens successfully transitioned to major decentralized exchanges, highlighting a highly speculative market structure. The platform experienced rapid growth, with daily active users rising from 60,000 to peaks of 260,000, underscoring strong retail adoption. This reflects a broader shift towards accessible, socially-driven market participation enabled by memecoins. However, while memecoins lower entry barriers and encourage…
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