Solana Meme Coin Ecosystem Is Sluggish: What Happened?

The meme coin ecosystem on the Solana blockchain is showing significant signs of weakening.

According to the latest data from Dune Analytics until the end of May 2025, the success rate of token launches on various launchpad platforms has dropped sharply.

For example, Pump.fun only recorded a pass rate of 0.80%, followed by LaunchLab with 0.31%, Boop at 0.14%, and LetsBonk at 1.32%.

This decline reflects the declining enthusiasm of investors for new projects on the Solana network.

Trading Volume and Community Enthusiasm Decline

In addition to the plummeting pass rate, trading activity and community engagement have also declined.

Citing information from the Beincrypto media, in April 2025, platforms such as Pump.fun had recorded an increase in trading volume for several weeks.

However, entering May, this trend reversed, indicating a loss of market momentum that had previously been enthusiastic.

Causes of Market Weakness

Several factors are the main triggers for this decline. First, investors are now more cautious in selecting projects after the previous market euphoria.

Second, the rampant activity of bots manipulating prices has shaken investor confidence.

Third, many new projects on Solana are considered to lack strong fundamentals, thus failing to attract interest.

Ecosystem Recovery Steps

To restore investor confidence, launchpad platforms on Solana need to implement better strategies.

Steps such as stricter project curation, increased information transparency, and strengthening security systems to prevent price manipulation are crucial.

With this approach, the Solana meme coin ecosystem has the potential to revive and grow more steadily.