Memecoin Volumes Hit 6-Month Lows, Find Out Where Traders Are Going
Solana-based memecoin launchpads are facing their weakest moment in months as traders flock to perpetual futures, reshaping the landscape of grassroots crypto speculation.
Bonding curve trading volumes on Solana memecoin launchpads have plunged to their lowest levels in more than six months, according to data from Dune Analytics. On Sunday, launchpads recorded $89.7 million in daily bonding curve trading volume, capping a week at $796.2 million—a 42% drop from the prior week’s $1.36 billion.
This marks the weakest weekly performance since early spring and underscores a broader shift in trader behavior. Data expert Adam Tehc, who maintains a memecoin dashboard on Dune, says the slowdown is linked to the explosion in perpetual futures trading.
“Returns and attention are elsewhere right now,” Tehc explained. “Last week’s perp decentralized exchange trend seems to have affected meme volumes particularly hard.”
What Are Bonding Curves?
Bonding curve trading represents the earliest phase of speculation—before a token leaves the launchpad. For platforms like Pump.fun, a token “graduates” once its market cap reaches $66,000, transitioning into more traditional secondary trading.
Because of this structure, bonding curve volume is seen as a critical barometer of grassroots demand for new memecoins, distinct from established projects like Fartcoin or other secondary-market meme favorites.
Perpetual Futures Trading Surges
While memecoin activity cooled, perpetual futures exploded in popularity. According to Dune data, perp trading volumes skyrocketed to $466.8 billion last week, a staggering 200% jump from the previous week’s $155.1 billion.
Perps trading volumes surge (Source: Dune Analytics)
The influx of liquidity and attention into perps highlights a maturing appetite for leveraged, high-risk trading strategies—at the expense of experimental grassroots memecoin bets.
Seasoned Traders Stay Unfazed
Despite the slump, veteran memecoin traders aren’t ringing alarm bells. Many see the downturn as a cyclical shift rather than a collapse in the niche.
Historically, memecoin volumes have ebbed and flowed alongside broader market trends, often roaring back when speculative fervor reignites.
For now, the data paints a clear picture: perpetual futures are winning the speculative arms race, leaving memecoins in the trenches. Whether this marks a temporary detour or a lasting shift in crypto’s risk appetite remains to be seen.
