Solana has been the go-to blockchain for meme coins this bull run, thanks to its cheap and fast transactions. Platforms like Pump.fun jumped on the meme coin hype, making it super easy (and even free!) to launch your own token, sparking a meme coin frenzy on Solana.

But hold up, is the party over? Recent data suggests the Solana meme coin hype might be cooling down. Daily trading volume on Pump.fun-launched meme coins listed on Raydium has taken a nosedive, dropping to $560 million, according to The Block.

That’s a whopping 82% crash from the $3.13 billion peak just three weeks prior, hitting the lowest point since last Christmas.

It’s not just trading volume taking a hit. The “graduation rate” for Pump.fun tokens – meaning the percentage that actually get listed on Raydium – is also shrinking. Last week, only a tiny 1.04% of Pump.fun tokens made it to Raydium. Compare that to 1.54% and 1.59% in the weeks before, and you can see the trend.

Even tips for Jito validators on Solana are down. These tips are like bribes users pay to speed up their transactions, so lower tips mean less trading activity. Jito validator tips fell to 23,800 SOL (about $4.8 million) last week, down from 42,000 SOL and 68,500 SOL in the previous weeks.

Pumpfun daily token graduation rate, source: The Block

The Block also points out a “slow bleed” in Solana meme coin peaks. Think of it like a rollercoaster that keeps getting smaller. It started with $TRUMP in January, which briefly hit a massive $75 billion fully diluted valuation (FDV). Then came $MELANIA, reaching $13 billion.

Even celebrity-backed coins are seeing lower peaks. $VINE, from the Vine founder, topped out near $500 million. $jellyjelly, backed by a Venmo co-founder, peaked around $250 million. And recently, $JAILSTOOL, promoted by Barstool Sports’ Dave Portnoy, reached about $220 million at its peak.

This pattern of decreasing peak market caps suggests the Solana meme coin hype is indeed fading, and the crazy speculation is calming down.

Meanwhile, there’s a buzz around BNB Chain. After Binance founder CZ (Changpeng Zhao) interacted with the $TST test token on X, and Binance and BNB Chain followed up with listings and promotions, it seems like money might be flowing into BNB Chain.

PancakeSwap, the top DEX on BNB Chain, is seeing serious volume. In the last 24 hours, PancakeSwap traded $302 million, and in the past 7 days, over $2.1 billion! That’s more than Uniswap, Raydium, and Orca, making PancakeSwap the king of DEX volume right now.