TechFlow news, according to a recent Matrixport report, the number of wallets holding more than 10,000 SOL has significantly decreased over the past two months, indicating that large holders are taking profits. At the same time, enthusiasm in the Meme coin market has cooled down. Data from Pump.fun shows that daily issuance of Meme coins has dropped by 16% within 30 days, and daily trading volume has sharply declined from the peak of 71,738 transactions on January 23.
The report notes that the sharp drop in the price of Trump-themed Meme coin (Trump), falling from $60 to $20, severely damaged retail investor confidence. Although Raydium (RAY) has seen a recent price increase, early Solana investors are shifting their profits into Bitcoin. This capital rotation explains why Bitcoin has maintained relative resilience amid broad corrections across altcoins. Furthermore, despite Ethereum reducing transaction fees in March 2024, it has failed to gain significant traction in the current Meme coin trend due to user experience and cost issues.
