泵。FUN的收入下降：Memecoin市场是否在冷却？

Pump.Fun的收入正在下降，这表明在Memecoin市场中潜在的冷却。这对基于Solana的资产和更广泛的Altcoin季节意味着什么？

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

泵。FUN的收入下降：Memecoin市场是否在冷却？

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是位于Solana的Memecoin Launchpad，正在看到收入大幅下降，这表明曾经热门的Memecoin市场可能正在失去Steam。这是临时倾斜还是更大趋势的迹象？

The Downtrend: By the Numbers

下降趋势：按数字

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的数据清晰明了：pump.fun的7月收入仅为2496万美元，比1月份的峰值超过1.3亿美元，降低了80％。这种下降已经存在了几个月，自2月以来的收入稳步下降。尽管整个Memecoin部门在7月份进行了短暂的集会，但这种势头很快消失了。

Memecoin Market Exhaustion

Memecoin市场耗尽

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.

更广泛的纪念品市场反映了泵的斗争。在7月达到了850亿美元的市值高点之后，到8月初的估值下降到了650亿美元。交易活动也暴跌，24小时的体积减少了67％。即使是拥有许多顶级Memecoin Launchpads的区块链，也是令牌创建的减少。

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.

其他平台也经历了类似的转变。尽管Pump.Fun看到交易者和数量的下降，但竞争对手Letsbonk显示出每日交易者的增加，但交易量减少。这表明随着市场的冷却，转向更小，更投机的赌注。

Altcoin Season or Altseason in Pockets?

口袋中的山寨币季节还是替代季节？

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.

尽管有整体冷却趋势，但某些替代币，包括泵。泵的流动性仍然很强大，最近的回购有助于支持市场。但是，分析师认为它的作用少于实用性，而是更多地是在Solana生态系统中引导交易能源。似乎市场更像是“口袋里的季前赛”，而不是一个广阔的替代赛季。

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市场的爆炸性增长可能是不可持续的。当前的合并阶段感觉就像是自然的校正。最初的热情总是让位于市场疲劳。虽然有些令牌无疑会继续蓬勃发展，但任何随机成员的轻松收益时代都可能即将结束。数据肯定会支持这一点，因为7月份的泵的收入数字说明了。

What's Next?

接下来是什么？

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?

虽然Memecoin市场可能正在冷静下来，但它远未消失。密切关注真正的流动性和活跃社区的令牌。请记住，在潜入Memecoins的野生世界之前，请始终进行自己的研究！毕竟，投资应该很有趣，但不太有趣，你知道吗？