泵。 FUN的收入下降：Memecoin市場是否在冷卻？

Pump.Fun的收入正在下降，這表明在Memecoin市場中潛在的冷卻。這對基於Solana的資產和更廣泛的Altcoin季節意味著什麼？

Pump.fun's Revenue Drop: Is the Memecoin Market Cooling Off?

泵。 FUN的收入下降：Memecoin市場是否在冷卻？

Pump.fun, a Solana-based memecoin launchpad, is seeing a significant drop in revenue, suggesting the once-hot memecoin market might be losing steam. Is this a temporary dip or a sign of a larger trend?

Pump.Fun是位於Solana的Memecoin Launchpad，正在看到收入大幅下降，這表明曾經熱門的Memecoin市場可能正在失去Steam。這是臨時傾斜還是更大趨勢的跡象？

The Downtrend: By the Numbers

下降趨勢：按數字

Data from DeFiLlama paints a clear picture: Pump.fun's July revenue was just $24.96 million, a staggering 80% decrease from its January peak of over $130 million. This decline has been ongoing for months, with earnings falling steadily since February. While the overall memecoin sector showed a brief rally in July, that momentum quickly faded.

Defillama的數據清晰明了：pump.fun的7月收入僅為2496萬美元，比1月份的峰值超過1.3億美元，降低了80％。這種下降已經存在了幾個月，自2月以來的收入穩步下降。儘管整個Memecoin部門在7月份進行了短暫的集會，但這種勢頭很快消失了。

Memecoin Market Exhaustion

Memecoin市場耗盡

The broader memecoin market reflects Pump.fun's struggles. After hitting a market capitalization high of $85 billion in July, the valuation dropped to $65 billion by early August. Trading activity also plummeted, with 24-hour volume decreasing by a massive 67%. Even Solana, the blockchain that hosts many top memecoin launchpads, has seen a decrease in token creation.

更廣泛的紀念品市場反映了泵的鬥爭。在7月達到了850億美元的市值高點之後，到8月初的估值下降到了650億美元。交易活動也暴跌，24小時的體積減少了67％。即使是擁有許多頂級Memecoin Launchpads的區塊鏈，也是令牌創建的減少。

Pump.fun vs. Competitors

泵

Other platforms are experiencing similar shifts. While Pump.fun saw drops in both traders and volume, competitor LetsBonk showed an increase in daily traders but a decrease in trading volume. This suggests a shift towards smaller, more speculative bets as the market cools.

其他平台也經歷了類似的轉變。儘管Pump.Fun看到交易者和數量的下降，但競爭對手Letsbonk顯示出每日交易者的增加，但交易量減少。這表明隨著市場的冷卻，轉向更小，更投機的賭注。

Altcoin Season or Altseason in Pockets?

口袋中的山寨幣季節還是替代季節？

Despite the overall cooling trend, some altcoins, including Pump.fun's native token PUMP, are still attracting attention. PUMP's liquidity remains strong, and recent buybacks have helped support the market. However, analysts suggest its role is less about utility and more about channeling trading energy within the Solana ecosystem. It seems like the market is more of an 'altseason in pockets' rather than a broad altcoin season.

儘管有整體冷卻趨勢，但某些替代幣，包括泵。泵的流動性仍然很強大，最近的回購有助於支持市場。但是，分析師認為它的作用少於實用性，而是更多地是在Solana生態系統中引導交易能源。似乎市場更像是“口袋裡的季前賽”，而不是一個廣闊的替代賽季。

My Take: A Natural Correction

我的看法：自然更正

The memecoin market's explosive growth in early 2025 was likely unsustainable. The current consolidation phase feels like a natural correction. The initial enthusiasm always gives way to market fatigue. While some tokens will undoubtedly continue to thrive, the era of easy gains from any random memecoin might be coming to an end. The data certainly backs this up, as the revenue figures for Pump.fun in July speak volumes.

2025年初，Memecoin市場的爆炸性增長可能是不可持續的。當前的合併階段感覺就像是自然的校正。最初的熱情總是讓位於市場疲勞。雖然有些令牌無疑會繼續蓬勃發展，但任何隨機成員的輕鬆收益時代都可能即將結束。數據肯定會支持這一點，因為7月份的泵的收入數字說明了。

What's Next?

接下來是什麼？

While the memecoin market may be cooling off, it's far from dead. Keep an eye on tokens with real liquidity and active communities. And remember, always do your own research before diving into the wild world of memecoins! After all, investing should be fun, but not too fun, ya know?

雖然Memecoin市場可能正在冷靜下來，但它遠未消失。密切關注真正的流動性和活躍社區的令牌。請記住，在潛入Memecoins的野生世界之前，請始終進行自己的研究！畢竟，投資應該很有趣，但不太有趣，你知道嗎？