The buzz around Meteora's newly launched $MET token is heating up, especially in the Solana ecosystem where meme tokens thrive. Pine Analytics dropped a detailed thread on X breaking down how Meteora is performing and what that means for $MET's value. If you're into DeFi or hunting for the next big meme play, this is worth a read. Check out the original thread here.

Diving into Meteora's Usage

Meteora, a decentralized exchange (DEX) on Solana, handles massive swap volumes—about $8 billion weekly across roughly 20,000 pools. Half of these use bonding curves, which are basically automated market makers that adjust prices based on supply and demand, making them perfect for volatile meme tokens.

The number of pools and their trading activity has been climbing steadily, showing growing adoption. This uptrend suggests Meteora is becoming a go-to spot for traders, including those flipping meme coins.

Top Trading Pairs and Distribution

The heavy hitters? USDC-SOL and USDC-TRUMP pools lead the pack, making up around 20% of the DEX volume. TRUMP, a popular meme token, highlights how Meteora is intertwined with the meme coin scene.

But it's not all concentrated—hundreds of pairs contribute significantly, spreading out the activity and reducing risk for the platform.

Revenue Streams

Revenue for Meteora fluctuates between $750K and $3M per week, averaging about $1.35M weekly. That annualizes to around $70M, which is solid for a DeFi project. These fees come from trades, and with meme tokens driving volatility, expect spikes during hype cycles.

$MET Token Stats

$MET boasts a fully diluted valuation (FDV) of about $372M and nearly 48,000 holders. However, the price has dipped 50% since launch, which might be shaking out weak hands.

Valuation Insights

The FDV-to-revenue ratio sits at 5.2, which is competitive in DeFi but points to some uncertainty on how $MET captures value. Clearer mechanics—like staking rewards or fee shares—could boost the price. For meme token enthusiasts, this means watching how Meteora evolves to support more viral projects.

In the fast-paced world of Solana memes, platforms like Meteora provide the liquidity backbone. If $MET clarifies its value accrual, it could be a sleeper hit. Stay tuned for more updates on meme token trends at Meme Insider.