Solana Sparked Fears of a Transaction Slowdown After an Outflow of Users from Pump.fun

Data shows the network is working at ordinary levels despite a recent slide in fee generation.

Solana activity remained high despite recent reports suggesting otherwise.

Solana sparked fears of a transaction slowdown after an outflow of users from the Pump.fun platform. However, data shows the network is working at ordinary levels despite a recent slide in fee generation.

Solana remains one of the busiest networks, both in terms of token transfers and NFT activities. The chain saw an outflow of fees at one point due to slower Pump.fun activity. However, the activity has not fallen off a cliff, merely returned to its average for the year.

Solana itself still shows positive numbers and previous doom charts may be due to incomplete reporting. The Solana market has enough momentum to not grind to a halt immediately, as there are other activities besides meme token trading.

Pump.fun still launches thousands of tokens each day, while generating at least $300K in fees even on less busy days.

Daily active users on Pump.fun also moved down from 56K per day to around 33K per day. The number of token-issuing wallets also went down from 15K during the year’s peak in June to around 3K creators in early September. One of the reasons for the outflow may be the newly launched SunFun meme token hub on the TRON network.

The token platform also led to skepticism about a ‘meme supercycle,’ as most tokens on the platform do not return value or retain new users. Meme tokens will now have to prove they can retain the trend or cause the crypto market to roll over to new types of assets and narratives.