The Solana memecoin market is experiencing a significant cooldown, with trading volumes across graduated pump.fun tokens dropping to their lowest levels since Christmas 2024. Daily trading volumes have averaged just $560 million in the latter half of last week, marking a dramatic 82% decline from the peak of $3.13 billion observed three weeks ago.

Market Activity Indicators

Graduation Rates Decline
The percentage of tokens graduating from pump.fun to Raydium has decreased substantially, with only 1.04% of tokens making the transition last week, down from 1.54% and 1.59% in the preceding two weeks.

Validator Tips Drop
Jito validator tips on Solana have seen a notable decrease, averaging 23,800 SOL (approximately $4.8 million) last week. This represents a significant reduction from the previous weeks' averages of 42,000 SOL ($9.9 million) and 68,500 SOL ($17.5 million).

The Memecoin Euthanasia Coaster

The Solana memecoin market has demonstrated a pattern similar to a euthanasia coaster, with each successive token launch reaching lower market capitalization peaks:

Token	Peak Market Cap
$TRUMP	~$75 billion FDV
$MELANIA	>$13 billion FDV
$VINE	~$500 million
$jellyjelly	$250 million
$JAILSTOOL	$220 million

Notable Launches
The market has seen a series of high-profile token launches, each with diminishing returns. $VINE was notably promoted by the Vine platform's founder, while $jellyjelly was launched by a Venmo co-founder. The most recent addition, $JAILSTOOL, promoted by Barstool Sports founder Dave Portnoy, peaked at $220 million market cap.

This declining trend in both trading volumes and peak valuations suggests a cooling period in the Solana memecoin market, potentially signaling a shift in trader sentiment and market dynamics.