According to our calculations, the total meme coin market cap is up from $35.9 billion to $36.7 billion. However, meme coin prices have continued to slide after last week’s post-Black Monday recovery, and the overall trend remains bearish over the last 30 days, down from $56 billion on the 22nd of July.
7-Day Meme Coin Market Snapshot
Pump.fun was first praised for driving up activity and the SOL price, but is now becoming despised for churning out 98.5% failed launches, 1.6 million of them to date, and collecting gazillions in fees, more than the whole Ethereum network, for its efforts. Probably nervous about dodging users at next month’s Solana Breakpoint conference, Pump.fun is trying to shake things up, with new features aimed at ensuring developers stick with their projects.
Eat Meme Shorts, Says Haters
Following in the footsteps of Save Finance’s dumpy.fun, Margin.Fi has a new antidote: meme coin shorting. Called The Arena, this tool lets traders profit from the volatility of meme coins by betting against the hype. The Arena leverages isolated lending pools, to remove the risk of impermanent loss associated with AMMs.
Alon, the co-founder of Pump.fun, has dropped hints that the SOL black hole creators are considering creating a similar mechanism, and possibly a Hot Tub Time Machine, to undo all their carnage. Ok, I made that last bit up.
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