Solana and its meme coins are crashing.
TL;DR
- Solana and its meme coins are crashing
- Pump.fun is testing its own AMM
- Dave Portnoy goes full-on degen
- AI agents are showing signs of life
- Bybit hackers are suspected of laundering through meme coin scams
Meme Coin Snaps
- The meme coin sector and Solana were hit hard, but not everyone is bearish, including pros like Raoul Pal, as PNUT wakes up from the ded and rips.
- Everyone and their dog was calling for Trump to send us to Valhalla, but we got Mordor instead, with the Fear & Greed Index sitting at 10.
7-Day Meme Coin Market Snapshot
The overall meme coin market cap declined by almost 17% from $67.90 billion to $56.49 billion, and sentiment is either at or close to all-time lows while Bitcoin is still over $80K.
As usual, there is almost always one token that defies the overall trend of the top meme coins, and this week it’s Oggy Inu.
Source: CoinMarketCap
The crypto majors, Bitcoin, Ethereum, Solana, XRP and BNB, are getting hammered even with bullish news like the SEC dropping their case against Coinbase and investigations into OpenSea and Gemini.
Source: CoinMarketCap
Meme Coin Market vs Other Crypto Sectors
DeFiLlama's Narrative Tracker showed that the meme coin downtrend continued but the sector at least outperformed Solana which was also hit hard recently with all the presidential and celebrity “rugs.”
The 30-day trajectory’s reversal was rejected and we are down almost 30%. Can the devs please do something?
Source: DeFiLlama
Top 20 Meme Coin Leaderboard
The top meme coins are struggling but AI agents are showing signs of life again.
Meme Coin Charts: 7-Day Insights
We have been chilling in a range for almost a month until Michael Saylor decided to ape more BTC, which initiated the start of REKTNESS and sent the whole market down. Fanks, Mike! Or was it because of SBF’s first tweet after two years?
Biggest Gainers
- Peanut the Squirrel (PNUT): +39.85%
- Popcat (POPCAT): +14.76%
- ai16z (AI16Z): +12.12%%
- Pudgy Penguins: (PENGU): +3.31%%
- Fartcoin (FART): +4.49%
Biggest Decliners
- Official Melania Meme (MELANIA): -29.47%
- OFFICIAL TRUMP (TRUMP): -21.69%
- Dogecoin (DOGE): -20.36%
- Toshi (TOSHI): -18.79%
- Bonk (BONK): -14.66%
Meme Coins by Chain
BSC Memes
- Broccoli (BROCCOLI) is unstoppable and the champion of the Weekly BNBCHAIN while rising another 12%.
- Test gains 13% and is running test calculations.
Solana Memes
- Act I : The AI Prophecy (ACT) surges by 23% while the future of commerce is not just digital, it is autonomous, BABY!
- Peanut the Squirrel (PNUT) soars by 33% and when you have nuts, you clearly go nuts!
Ethereum Memes
- Turbo (TURBO) rises by almost 3% while their cult gains strength.
- Neiro soars by over 30% and they try to maintain a healthy balance.
https://twitter.com/neiro/status/1894639374823764343
Tron Memes
- SUNDOG (SUNDOG) rips another 37% on their mission to the SUN.
Most Tron meme coins have low market caps compared to tokens on chains like Ethereum and Solana, so they are extremely risky until proven otherwise.
SUI Memes
- LOFI (LOFI) gains 6% just as the FUD reaches peak levels.
- MemeFi (MEMEFI) goes up 2% but their X account is ded!
Most SUI meme coins have low market caps compared to tokens on chains like Ethereum and Solana, so that’s either an opportunity or a red flag depending on your risk tolerance and, ahem, remaining funds.
Base
- Brett (BRETT) rises 6% and is not giving up.
- Degen (DEGEN) gains 8% while they claim to have the wildest community and more utility than 99% of the VC rug pulls.
Meme Coin News
Pump.fun Testing Its Own AMM
Pump.fun is reportedly testing an automated market maker (AMM), potentially replacing Raydium as the default decentralized exchange for graduated tokens. This was first spotted by Aggr News, which identified an internal liquidity pool at amm.pump.fun.
If implemented, the in-house AMM would allow Pump.fun to capture more trading fees, reducing reliance on Raydium. Analysts predict Raydium could lose 30-50% of its trading volume, impacting its market standing. Raydium’s token (RAY) has already dropped 25% following the news.
Dave Portnoy’s Meme Coins
Dave Portnoy has fully embraced the chaos of meme coins, turning mistakes and speculation into millions. His involvement in the crypto space has been marked by wrong trades, wild flips, and controversial token launches.
One of his biggest blunders involved mistakenly buying $170,000 worth of the wrong LIBRA.
Portnoy then launched his own meme coins, including GREED, which hit a $41.5 million market cap before he swapped his holdings for another token, JAILSTOOL, crashing GREED’s price by 99%.
Solana Drops 50% as Meme Coins Get Rekt
Solana has dropped more than 50% from its all-time high of $295 in January, a major factor being the decline in meme coin trading activity. Over the past month, Solana has fallen 38%, marking its worst performance since the FTX collapse in November 2022.
Source: Dune
Pump.fun’s trading volume has plummeted 94% in a single day, from $89.5 million on Feb. 25 to just $5.03 million on Feb. 26. Most tokens have lost 80-90% of their peak values.
Bybit Hackers Behind Meme Coin Scams?
The Lazarus Group, a North Korean cybercrime unit suspected of the $1.5 billion Bybit hack, may also be linked to recent Solana meme coin scams, according to on-chain investigator ZachXBT.
The Bybit hack on Feb. 21 was one of the largest in history, involving liquid-staked ETH (stETH), Mantle Staked ETH (mETH), and other digital assets. Blockchain security firms, including Arkham Intelligence, have identified Lazarus Group as the likely culprit.
ZachXBT’s investigation suggests that funds from the Bybit hack were moved to Solana and consolidated across multiple wallets associated with previous meme coin scams. He identified over 920 addresses receiving funds linked to the Bybit attack, noting that one of the individuals laundering money for Lazarus had previously launched meme coins on Pump.fun.
What Can You Do Next?
- DYOR before aping any celebrity tokens; so far they have all pumped and dumped.
- Don’t just focus on one chain as you can see BSC and Base are performing well for now.
- Meme coins are extremely volatile. Make sure to have a diversified portfolio.
- Consider reinvesting some profits into safer crypto tokens or stables.
- Keep an eye on the AMM that Pump.fun is building.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
