Tokens in the SunPump ecosystem experienced a significant decline, reflecting a similar downturn in the Pump.fun ecosystem.
On Aug. 22, the Sundog (SUNDOG) token dropped by over 7%, reducing its market cap to $215 million. Other tokens in the ecosystem fared worse, with FoFar (FOFAR), Suncat (SUNCAT), and several others all plunging by over 40% during the same period.
These declines occurred as the total market cap of all tokens in the SunPump ecosystem reached $268 million, just a week after its launch.
According to data from DeFi Llama, the total value locked in the SunPump ecosystem has climbed to $1.3 million, with the annualized fee income rising to $4.12 million.
Token generation platforms have proven to be highly profitable this year. Despite the sharp drops in most Pump.fun tokens, the ecosystem has generated nearly $100 million in fees over the past eight months. These platforms earn fees by charging for token launches and transactions.
SunPump tokens declined even after the network announced a partnership with CoinMarketCap. This collaboration will introduce a new dedicated express support channel for Tron (TRX) memes. CoinGecko, CoinMarketCap’s closest competitor, has already launched a dedicated page for these memes.
🚀Exciting news! #SunPump and @CoinMarketCap are teaming up in an Ecosystem Partnership! 🎉
With this collaboration, CMC will offer a dedicated express support channel for #TRON memes🥳
Justin Sun, the founder of Tron, hopes that the meme coins within the ecosystem will boost Tron’s network similarly to how they have energized the Solana (SOL) blockchain.
Meme coins have helped turn Solana to the second-biggest blockchain for Decentralized Exchanges after Ethereum (ETH). It has a market dominance of 22.2% while Tron has 0.86%.
There are signs that this growth is working as the volume handled in Sun DEX has risen by 332% in the past 7 days to over $543 million.
These tokens could benefit if there is a new crypto bull run, which will only happen if Bitcoin (BTC) rises above the all-time high of $73,800.
Donald Trump-themed cryptocurrencies surged on Aug. 21 as his odds of winning the election increased and as Bitcoin held steady above $60,000.
MAGA (TRUMP) token rose by 46% to $3.88 while MAGA Hat (MAGA) rose by over 13.2%. Trumpcoin (DJT) jumped by 10% to $0.000154.
This rally coincided with rising odds that Donald Trump might win the general election. According to Polymarket, the likelihood of a return to the White House now stands at 54%. Meanwhile, rival Kamala Harris’s odds dropped to 46%. This marks a significant reversal, as she had been leading for a while amid positive press coverage.
Meanwhile, Kamala Harris-themed coins saw sharp declines, with Kamala Horris (KAMA) dropping by 25%, bringing its market cap down to $5.6 million.
Trump’s rising odds followed rumors that Robert Kennedy Jr. might step down and endorse him for the presidency. If Kennedy’s supporters shift their allegiance to Trump, he could gain an advantage in key battleground states and win over independent voters.
Harris has faced criticism for her economic plan, which she unveiled last week. Her plan involves price controls, tax increases, and more government housing. Most economists believe that these measures, particularly price controls and tax hikes, would struggle to pass in a divided Congress.
The three Trump coins also rose as Bitcoin (BTC) held above $61,000 ahead of the upcoming Jackson Hole Symposiumin Wyoming.
Despite the jump on Aug. 22, political-themed tokens have been in a strong downtrend, with their combined market cap now at over $591 million.
MAGA, the largest political coin, has seen its market cap drop from $775 million to $180 million. MAGA Hat’s valuation has fallen from over $200 million to $24 million, while Doland Tremp has plummeted from $136 million to $13 million.
What is clear, however, is that these tokens will likely remain highly volatile leading up to the general election as traders react to potential events.
These coins may also perform well if Bitcoin stages a comeback and moves above its all-time high. Historically, meme coins tend to do well when Bitcoin is in an uptrend.
Factors that could push Bitcoin higher include potential Federal Reserve rate cuts, a weaker US dollar, and the ongoing stock market rally. Bitcoin often correlates with US equities, meaning it could join the ongoing rally.
Dogecoin price remained in a bear market after falling by over 55% from its highest level this year.
Dogecoin (DOGE), the biggest meme coin in crypto, was trading at the important support level of $0.10 on Aug. 20, just above the lowest level this month.
This performance has occurred as the meme coin industry undergoes significant changes. Demand for traditional coins like DOGE and Shiba Inu (SHIB) has fallen as traders have focused on new and viral tokens like Dogwifhat (WIF) and Pepe (PEPE).
Data shows that Dogecoin, with a market cap of over $14.7 billion, had a 24-hour trading volume of $741 million. In contrast, Pepe, with a valuation of $3.2 billion, had a volume of over $1 billion.
Dogecoin’s demand has also declined in the futures market, where its open interest of almost $500 million is much lower than the year-to-date high of $2.2 billion.
Still, on the positive side, DOGE’s hash rate has continued rising and was at a record high of 1.2580 PH/s, up from January’s 818 TH/s. The mining difficulty has also jumped to an all-time high of 23.12 million.
On the weekly chart, Dogecoin has been in a consolidation phase for over 13 months, with a strong bullish breakout that peaked at $0.2274 in March as Bitcoin and other coins soared.
On the positive side, the accumulation/distribution indicator has risen and is hovering at its highest point since April 2022, even as the coin fell by over 50% from the year-to-date high.
Additionally, DOGE has formed a rare falling wedge pattern, which occurs when two trendlines converge. Typically, this pattern signals a bullish breakout when the two lines converge, which is about to happen.
Therefore, this pattern suggests that the coin may soon experience a bullish breakout. If this occurs, DOGE could rise to the key resistance point at $0.1587, its highest swing in October 2022. This price target is about 56% above the Aug. 20 level.
Most Pump.fun tokens have plummeted sharply in recent weeks, costing investors millions of dollars.
Data shows that most of these meme coins have declined by over 20% in the past seven days and more than 50% from their highest points this year. Their combined market cap has now fallen to $391 million.
Most Pump.fun tokens have crashed
Michi (MICHI), the largest part of the ecosystem, has dropped from $0.49 in May to $0.10, with its market cap shrinking from $187 million to $58 million.
Daddy Tate (DADDY), themed after Andrew Tate, has plunged from $0.52 to $0.072, with its valuation slipping to $43 million.
Similarly, Rapper Iggy Azalea’s (MOTHER) token has tumbled from an all-time high of $0.22 to $0.0300, bringing its valuation to just over $38 million. Other top Pump.fun tokens that have faced significant declines include Billy, Smoking Chicken Fish, Aura, and Waffles.
Not everyone has suffered big losses, though. Data from DeFi Llama shows thatPump.fun’s developers have raked in nearly $100 million in cumulative fees since the platform’s launch, with July being the best month yet. It generated over $28 million in July, following $20 million in June. Pump.fun’s revenue has already surpassed $15 million in August.
Another key beneficiary of the Pump.fun craze is Sahil Aora, believed to be the mastermind behind some of this year’s most popular celebrity-backed tokens. He is estimated to have made over $30 million.
1/ An investigation into Sahil, featuring unseen footage, who made $30M in 2024 by launching tokens for celebrities—most of which dumped to zero
Pump.fun’s meme coins have also benefited Solana (SOL), which has seen more activity across its decentralized exchanges like Raydium and Orca. Data shows Solana handled over $6.5 billion in transactions in the last 7 days.
Pump.fun has emerged as a popular platform for generating meme coins. Over the past eight months, users have created more than 1.8 million tokens, some of which have gone viral. Its technology leverages Solana, a blockchain known for low fees and fast transaction speeds.
The success of Pump.fun has inspired the creation of other meme coin generators. Last week, Justin Sun unveiled SunPump, which is quickly gaining traction among users.
sunpump active users reached an ATH. sunpump newly created tokens reached an ATH. sunpump trading volume reached an ATH. sunpump revenue reached an ATH. sunpump new dev reached an ATH. TO THE SUN🌞https://t.co/F2C0OsNHhj is only 8 days old. What’s next?
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 19, 2024
Political meme coins are a bust as digital tokens inspired by Republican presidential candidate Donald Trump plummet in value.
TrumpCoin (DJT) token crashed to a record low of $0.000157
MAGA: Fight for Trump (TRUMPCOIN) slipped to $0.0059, giving it a market cap of over $5.9 million.
MAGA (TRUMP), the biggest Trump-themed token, continued to fall by over 53% from its highest point this year.
Trumpcoin vs MAGA vs TRUMP tokens | Source: crypto.news
Trump
The same trend has happened in the stock market where the Trump Media & Technology Group stock has fallen to $23, its lowest point since April.
One reason for this sell-off is that Trump’s odds of winning the general election have slimmed after President Joe Biden exited the race.
According to a Polymarket poll with over $628 million in assets, Trump and Vice President Kamala Harris are tied at 49% on Aug. 18, meaning that her odds have slipped in the past few days.
A national poll by the New York Times shows that Harris has a 49% chance of winning the presidency against Trump’s 47%. She also leads in some states like Wisconsin, Michigan, and Pennsylvania, while Trump leads in Arizona and Georgia.
Still, it is too early to predict who will win the election since most of these polls are within a margin of error.
Meme coins retreat
The ongoing retreat of tokens like Trumpcoin, Maga Hat, Trump, and Maga coincide with the ongoing meme coin crash.
Most meme coins have been in a steep sell-off in the past few weeks, bringing their total market cap to over $38 billion, down from the year-to-date high of over $63 billion. Most of them, including popular names like Dogecoin (DOGE), Pepe (PEPE), and Dogwifhat (WIF) have fallen by double digits from their highest points this year.
Meanwhile, Bitcoin is consolidating between the support level at $57,000 and the resistance point at $61,000. Typically, meme coins underperform the market when Bitcoin is not doing well.
On the positive side, there are signs that politicians are warming up to crypto. Trump often promises at his rallies and on his social media platform, Truth Social, that he plans to enact crypto-friendly policies if he wins a second term.
Democrats have also started to embrace cryptocurrencies and are working on a crypto regulation bill, according to recent comments from Senate Majority leader Chuck Schumer.
Cryptocurrency prices remained under pressure on Monday, continuing a trend that has happened in almost two weeks.
Meme coins sell-off continues
Altogether, all meme coins tracked by CoinGecko have a market cap of over $38 billion, down from their year-to-date high of more than $68 billion.
A closer look at their charts shows that most of them have a close correlation with each other. All tokens mentioned below have fallen in the past five days and have retreated by over 50% from their highest point this year.
Bitcoin (BTC) was stuck below $60,000 while most meme coins continued their steep downfall.
Dogwifhat (WIF) token has dropped for five consecutive days and is down by over 51% from its highest point this year.
Similarly, Brett (BRETT), the biggest meme coin in the Base Blockchain, has retreated for five days, is down by 60% from its all-time year. Long-term holders have lost over $1 billion as its market cap has dropped from over $1.89 billion to $794 million.
Bonk (BONK), the first Solana (SOL) meme coin was also one of the worst-performing cryptocurrencies on Aug. 17 as it has retreated by 63% from its March highs.
Pepe (PEPE) has also moved to $0.0000071 after falling for several straight days.
Additionally, technicals suggest that these tokens have more room to go down.
Pepe, which is often the most actively traded of the meme coins, moved below the 50-day moving average on July 31 and the 200-day EMA on Aug. 11. If this downtrend continues, it means that Pepe could form a death cross, which often leads to more upside.
Additionally, Pepe has formed a head and shoulders pattern, one of the most popular bearish signs in the market.
The most important catalyst for these meme coins is Bitcoin, which has stalled below $60,000 this week. If Bitcoin resumes the downtrend, it means that meme coins will continue falling, with most of them eying their August lows.
Historically, meme coins tend to show extreme moves in Bitcoin’s direction. For example, Pepe rose by over 1,500% between January and March as Bitcoin rose by over 80% in the same period. It has retreated by over 50% while BTC is down by 20% from the same period.
Traders move to meme tokens like Pepe, Dogwifhat, Bonk, and Brett when Bitcoin is rising because of their cheaper price.
Instead of buying Bitcoin, which goes for almost $60,000, most traders opt for a token like Pepe that sells for $0.0000071. The theory is that these tokens have a bigger chance of doubling than Bitcoin.
Jupiter DEX is facing increasing scrutiny as users have observed a nearly 50% transaction failure rate, prompting concerns and questions about the platform’s performance. Many are looking for explanations and wondering what measures are being taken to address this issue. In this article, the situation will be explored in detail, examining the factors contributing to the high failure rate and what actions are being taken to improve the user experience on the platform.
Table of Contents
Source: Hacken
High failure rate: causes and concerns
Over the last 30 days, excluding the missing data from August 2 and 3, the average failure rate on Jupiter stands at 42.89%. This has led to an increasing number of users questioning the underlying causes of these failures and seeking clarity on what measures are being taken to improve the platform’s performance.
A particular point of frustration for many users is that they are still charged fees for failed transactions. While this might seem unfair at first glance, it is an inherent aspect of blockchain technology. Each transaction, successful or not, uses network resources like computational power and block space. Even if a transaction fails, the validator still processes it until an issue causes it to error out. Since the network is still utilized to process the request, the fee compensates for those computing resources.
Increased slippage tolerance is a risky solution
To avoid repeated charges, users often increase their slippage tolerance to ensure their transactions go through. The increase makes the transaction more likely to succeed because it gives the network permission to complete the swap even if the price changes slightly from the original quote.
However, increasing slippage opens the door to another risk: front-running by bots. These bots can detect transactions with high slippage and execute their trades just before the user’s transaction, buying assets at the lower price and selling them back at the higher price set by the user’s slippage. This results in users getting less favorable rates on their swaps, effectively costing them more than just the transaction fees.
How front-running works on smart contract blockchain networks
The diagram from Hacken shows how front-running works on Ethereum, but the concept also applies to Solana and other smart contract blockchains.
Step 1: The user initiates a transaction on the network, intending to interact with a smart contract.
Step 2: A front-runner (usually a bot) monitors the network and detects the user’s transaction.
Step 3: The front-runner creates a new transaction with a higher gas price. The higher gas price incentivizes validators to prioritize processing the front-runner’s transaction over the user’s original transaction.
Step 4: The blockchain network prioritizes transactions based on the gas price. Since the front-runner’s transaction offers a higher gas price than the user’s, it gets processed first.
Step 5: The user’s transaction gets less favorable terms or even fails, which leads to financial losses or missed opportunities.
Majority of these failed transactions come from arbitrage bots that route using the program when an arb opportunity is near, hoping to land a transaction when the opportunity takes place — this leads to the higher failure rate. For our users on Jupiter UI, the transaction success rates are actually over 90%!
Nonetheless, front-running heavily depends on the trustworthiness of the RPC (Remote Procedure Call) providers used to interact with the network. The RPC provider is an intermediary between the user and the blockchain and transmits transaction data to the network. If an RPC provider is not reputable, it could potentially enable or even participate in front-running by sharing transaction details with bots or manipulating the order in which transactions are submitted. Reputable RPC providers, on the other hand, are expected to uphold ethical standards and ensure that they do not exploit users or allow such behavior to occur.
Another reason for the high rate of failed transactions is the ongoing memecoin frenzy, where tens of thousands of new tokens are being created every day. Many of these memecoins lack sufficient liquidity, meaning there aren’t enough tokens available in the market to complete trades. When users attempt to buy or sell these low-liquidity tokens, the transactions can fail because the trade can’t be fulfilled.
Throughput limitations and delays in order processing
While the memecoin surge contributes to the failure rate, Jupiter’s automated slippage and gas calculation features also play a role. These features, which generally work well in stable market conditions, struggle during periods of high volatility. Additionally, the platform is grappling with issues related to its free tier quote API, which has been exploited by users bypassing rate limits by spinning up new machines. This exploitation has resulted in increased operational costs and the risk of service degradation for legitimate users.
Furthermore, Jupiter’s throughput is currently insufficient, particularly as it is handling an overwhelming volume of orders, causing its retry logic to slow down to more than 25 seconds.
Conclusion
Jupiter DEX is facing some tough challenges, including a high rate of transaction failures, front-running risks, and infrastructure bottlenecks. These aren’t just minor issues—they directly affect user trust and the platform’s ability to perform well. The team is working hard to fix these problems, but there’s a key question that remains: Can Jupiter not only solve these immediate issues but also keep up with the growing demands of the DeFi space?
Donald Trump-themed meme coins were among the best performers on Aug. 12 as traders awaited a crucial interview on X with Elon Musk.
Dark Maga (DMAGA) token rose by 15%, while MAGA Hat (MAGA) jumped by almost 50% to $0.00007737, its highest point since Aug. 7.
Similarly, MAGA (MAGA) rose by 12.7% to $3.56, giving it a market cap of over $161 million. MAGA: Fight for Trump (TRUMPCOIN) jumped by almost 30%, bringing its valuation to $8.1 million.
These tokens are rising ahead of an X (Twitter) interview between Elon Musk and Trump, the Republican presidential candidate. Traders anticipate that the two will discuss cryptocurrencies. A Polymarket poll shows that Trump is likely to mention MAGA and crypto during the interview.
This is unscripted with no limits on subject matter, so should be highly entertaining!
If you have specific questions & comments, post them under the chat.
Elon Musk has been a supporter of digital currencies and is credited with making Dogecoin (DOGE) popular. Tesla, his company, is the third-largest Bitcoin (BTC) holder in corporate America after MicroStrategy and Marathon Digital with a stake of 9,720 coins worth over $544 million.
Donald Trump has also emerged as a big supporter of the industry. According to Arkham, he owns tokens worth $3.4 million. His holdings include Ethereum (ETH), wETH, and Trog.
In a recent statement, Donald Trump vowed to be the most pro-Bitcoin president in the US. As part of his policy, the government will maintain its 213,200 BTC holdings. Additionally, he has pledged to fire Gary Gensler as the head of the Securities and Exchange Commission.
Recent polls show that Trump and rival candidate Kamala Harris are in a very tight race. Polymarket has Harris leading with a 52% chance compared to Trump’s 42%. Other polls show that the two candidates are neck and neck in key states that will determine the final outcome.
In most cases, cryptocurrencies rally ahead of a big event, as happened ahead of Trump’s speech at the recent Bitcoin Conference in Nashville.
However, there is a risk that MAGA, Trumpcoin, and Trump-themed tokens could drop during and after the interview as investors sell the news. This scenario often occurs when investors buy an asset before a major event and then sell off when the event takes place.
Looking ahead, these tokens will also react to the upcoming US inflation report, which will impact the Federal Reserve’s interest rate decision in September. A lower inflation report would be beneficial to meme coins and other cryptocurrencies.
Crypto traders expect Pepe, the popular meme coin, to hit a market capitalization of $10 billion ahead of Dogwifhat.
Pepe (PEPE) has a 66% chance of achieving a fully diluted valuation of $10 billion ahead of Dogwifhat (WIF), according to a Polymarket poll.
To reach a $10 billion valuation, Pepe, which currently has a market cap of $3.59 billion, would need to rise by 178% from its current level. While this is a challenging target, Pepe has already risen by over 450% this year, making it a possibility.
On the other hand, Dogwifhat has a longer way to go to reach a $10 billion valuation, as it was valued at $1.8 billion on Aug. 9. It needs to rise by another 455%, on top of the 975% it has gained this year.
Meme coins like Pepe and Dogwifhat have performed well this year, boosted by the strong performance of Bitcoin (BTC) and demand from retail traders.
In most cases, small traders prefer investing in these tokens because of their low prices compared to big brands like Bitcoin and Ethereum (ETH). The thinking is that one can buy more tokens since most meme coins trade in the pennies. They also have a higher chance of doubling in value than Bitcoin given its market cap is now solidly above $1 trillion.
Cryptocurrencies could continue rising
While cryptocurrencies have pulled back in the past few months, some analysts believe there could be further upside this year. Notably, Grayscale expects Bitcoin to retest its all-time high if the US avoids a recession.
In a statement in June, Michael Novogratz predicted that Bitcoin would rise to $100,000 if it breaks above the year-to-date high of $73,800. Meme coins like Pepe and WIF will likely rise further if that prediction plays out as expected.
A likely catalyst that could push Pepe above a $10 billion market cap is the Federal Reserve, which is expected to start cutting interest rates as soon as September due to the deteriorating labor market. The CME Fed Tool predicts a 0.50% rate cut in September, followed by two more 25 basis point cuts in the final two meetings of the year.
Fed rate cuts are expected to incentivize investors to shift capital from lower-risk funds to riskier assets, especially meme coins and more speculative crypto projects.
