Track market-moving stories before they get noisy

19h00 ▪ 4 min read ▪ by Fenelon L.

Summarize this article with:

Hunter Biden, son of former American president Joe Biden, is set to launch a memecoin called LAPTOP on Base this Wednesday, featuring an airdrop especially aimed at investors who lost money on Donald Trump’s TRUMP memecoin. But even before its first trade, the project is already facing strong criticism. Several figures mentioned around the launch have distanced themselves.

In brief The token is scheduled to launch on Base on September 9, with 30% of the supply reserved for founders and 20% allocated to airdrops. Kraken deleted a promotional post while Coinbase denies any partnership. Andrew Callaghan, also mentioned in the project, says he has no connection to the memecoin. An airdrop aimed at TRUMP losers Hunter Biden confirmed the launch on X on September 7 with a particularly brief message: ” $LAPTOP, September 9 “. The project is to be deployed on Base, Coinbase’s network, with a total supply of one billion tokens, according to information published by the Wall Street Journal.

The founders, including Hunter Biden, will keep 30% of the tokens. These tokens will be locked for six months before being gradually unlocked over more than two years. The 20% reserved for airdrops will be distributed in two waves.

The first will target traders who lost money with the TRUMP memecoin. The second concerns Biden’s Substack subscribers as well as individuals on journalist Andrew Callaghan’s list, reports CoinDesk.

The choice of this target is far from accidental. TRUMP was worth about $2.25 on September 8, nearly 97% below its record high reached in January 2025. Its market capitalization briefly approached $15 billion at that time.

The LAPTOP project also plans to burn up to 30% of the supply under certain circumstances, notably in the event of a Democratic victory in 2028, a new all-time high for Bitcoin, or a valuation exceeding that of TRUMP. If these conditions are not met, the concerned tokens would be redistributed to charitable organizations.

Kraken, Base, and Channel 5 distance themselves Reputation fled before the product. Kraken removed a post presenting the project after a wave of negative reactions. Some users notably criticized the platform for promoting a new political memecoin.

However, this does not mean Kraken has ruled out a possible listing. Jordan Fish, known under the pseudonym Cobie and responsible for the Base app, reminded that a project can launch a token on the network without Coinbase’s approval. No partnership with LAPTOP exists, he specified.

Jesse Pollak, founder of Base, also stated that the memecoin team had contacted the network before its launch. However, Base chose not to participate in either its design or its promotion.

Andrew Callaghan also denied any link with LAPTOP to the Wall Street Journal. Channel 5, the media outlet he runs, is not involved in the project and does not consider cryptocurrencies as a legitimate investment.

The political memecoin market changes tone The contrast with the launch of TRUMP in January 2025 is striking. Back then, there were many criticisms, but they did not prevent investors from flocking in. Nearly two years later, platforms seem much more cautious about associating their image with this type of project.

The reaction on X alone will not determine LAPTOP’s success. The token still faces the real test: its market debut.

Copies already bearing the name LAPTOP are circulating on several networks, including one present on Base since June. Without an official contract address, any LAPTOP token traded before the announced launch on September 9 should therefore be treated with utmost caution.

Initial volumes, the distribution of airdrops, and the attitude of platforms will help measure the real reception of the project. One thing is already clear: two years after the euphoria around political memecoins, the environment is much less favorable.

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.

Join the program

A

A

Lien copié

Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

The FAMI token that Money Mushroom trades against on Robinhood Chain is not a Robinhood stock token. Its 37,430,000 supply, close to Farmmi's entire share count, was minted in a single transaction by a wallet that kept 38% and now runs a contract named PoolRepricer to manage the price.

Shares of Farmmi, a Chinese supplier of dried mushrooms and bulk farm commodities listed on the Nasdaq Capital Market, traded as high as $0.50 on Wednesday from Tuesday's $0.1187 close, after a memecoin named for a mushroom variety in the company's own annual report began trading against its tokenized shares on Robinhood Chain.

But the token traders bought on Wednesday as tokenized Farmmi stock was created by one wallet, which minted the whole supply in a single transaction, kept 38% of it, and has spent the two days since adjusting the pools its price is read from. Farmmi's actual shares on the Nasdaq Capital Market rose as much as 321% while it traded, according to Nasdaq.

Nothing Connects Tokenized Farmmi with Actual Farmmi SharesNothing connects that token to a Farmmi share. Robinhood's own stock tokens are “tokenised debt securities issued by Robinhood Assets (Jersey) Limited,” and only an authorized participant may subscribe for them directly from that entity, according to Robinhood's developer documentation. That mint-and-redeem path is what holds their prices near the shares they reference.

This one has no issuer, no redemption and a fixed supply. Its two mint events both sit inside the deployment transaction, against 2,215 mints and 30 burns on Robinhood's HIMS token, and the wallet that created it has been calling a contract of its own to move the pools since. The pairing loop that traders on the chain have spent two months betting on ran, in its first apparent success, on an imitation.

This one has no issuer, no redemption and a fixed supply, and its price is managed by the wallet that created it. The pairing loop that traders on the chain have spent two months betting on ran, in its first apparent success, on an imitation.

Farmmi traded at $0.1474 at 2:28 p.m. ET, up 24.2% on the day after touching $0.50 at 10:45 a.m., with 806,801,403 shares changing hands against an average volume of 5,251,331, according to Nasdaq. That is 154 times the daily average. Nasdaq's own quote page carries an “out of compliance” flag on the listing.

Two Mints, Then NothingThe FAMI token at 0x5D2e81cB3A6FECe856B824Dfd7e1d6D3dbaD8cd9 has two mint events in its entire history, both in the transaction that created the contract, at block 52,043,711. One sent 23,206,600 tokens to 0x5fD25Ceee9881C4704dEa6ce82B2d5e0401dC632 and the other 14,223,400, or 38.0%, to 0xd28d0b3dc4799D04E01A45f13b932ADAb89b7B0d, the address that deployed it. Supply has not changed since, according to Transfer logs read from the Robinhood Chain RPC.

Robinhood's HIMS token, by comparison, has 2,215 mint events and 30 burns. Every genuine stock token on the chain also carries the issuer in its name, from “NVIDIA • Robinhood Token” to “Hims & Hers Health, Inc. • Robinhood Token,” and holds a supply in the thousands: 56,974 NVDA tokens, 12,971 AAPL, 67,014 HIMS. This contract is named “Farmmi, Inc.” with no suffix, runs 1,916 bytes of code against the 283 bytes of Robinhood's proxies, and holds 37,430,000 tokens against the 37,434,077 Class A shares Farmmi reported outstanding after its June offering.

A search of the chain's token index returns one FAMI token, this one, with 2,696 holders. Robinhood brokers Farmmi shares to its customers. It has not issued a Farmmi stock token.

The trader who posts as bheau flagged the distinction on Wednesday morning, writing that “the typical flow of rh stocks (authorized participants can mint/redeem tokens to help arb the price) doesn't apply.”

The PoolRepricerThe deployer's address has 40 transactions, all of them from Tuesday 5:34 p.m. ET onward. Six created pools. Seven called Uniswap's PositionManager to modify liquidity, the most recent at 11:03 a.m. ET Wednesday. Two called reprice on a verified contract named PoolRepricer that the same wallet deployed, at 7:28 a.m. and 9:38 a.m. ET. Blockscout labels the token contract itself TokenizedStock.

The deployer's balance has fallen from 14,223,400 tokens to 906,981. The address holding the other 62% is down from 23,206,600 to 19,463,600.

Above The Dollar LineThe token and the stock traded apart all session. FAMI reached $1.83 in its USDG pool at 10:45 a.m. ET, the same five-minute bar in which the Nasdaq stock set its $0.50 high, and its five-minute highs stayed above $1.00 from 10:30 a.m. to 11:15 a.m., according to GeckoTerminal. Farmmi itself has to close at $1.00 or better for ten consecutive business days to cure a listing deficiency. Its token cleared the line for 45 minutes; the shares got halfway.

The token traded at $0.2135 at 2:28 p.m. ET, 45% above the stock, on $131.4 million of pool volume across 126,565 transactions.

Ninety Thousand Trades In Five HoursMoney Mushroom, ticker JINQIAN, deployed at 0xe81880c1C5054245e036359f5c7be31606E79F56 with a one billion token supply. Its pool against FAMI was created at 9:32 a.m. ET, two minutes after the Nasdaq open, and has turned over $92.0 million across 92,926 transactions from 9,255 buying addresses and 6,976 selling addresses, according to GeckoTerminal.

JINQIAN's first print was $0.00089 at 9:35 a.m. ET. It reached $0.0761 at 10:45 a.m., 85 times that, and traded at $0.0058 at 2:25 p.m., down 92% from the peak.

At least ten other memecoins launched against the FAMI token within half an hour of JINQIAN, including tokens ticking as FARMMI, MUER, FAMILY, GME and CASH CAT, DEX Screener records show. None cleared $300,000 in volume.

The Word In The FilingThe memecoin takes its name from Farmmi's product description. In its Form 20-F for fiscal 2025, filed Feb. 10, the company writes that “our Shiitake products include different varieties such as floral mushroom and Jinqian (‘money’) mushroom.” Farmmi supplies dried mushrooms and trades bulk cotton and corn out of Lishui, in Zhejiang province.

Farmmi's most recent filing with the SEC is a July 6 report on a $3.0 million share sale, according to EDGAR. The company has issued no statement on the token or the trading.

Ten Days Above A DollarFarmmi received a Nasdaq deficiency letter dated Aug. 11 for trading below $1.00 for 30 consecutive business days, the company said in an Aug. 12 press release. Under Listing Rule 5550(a)(2) it has until Feb. 8, 2027 to regain compliance, which requires a closing bid price of at least $1.00 for a minimum of ten consecutive business days. The company said it is monitoring the share price and evaluating options, and that any reverse split would have to be completed ten business days before the deadline.

Farmmi sold 7,000,000 Class A shares at $0.25 apiece plus pre-funded warrants for 5,000,000 more in a June offering underwritten by Aegis Capital, taking shares outstanding to 37,434,077, according to its prospectus supplement.

The Loop Traders WantedThe pairing mechanism has been running on Robinhood Chain since July without moving an underlying stock. BONER, a token built around the short interest in Hims & Hers Health, held more than half the tokenized HIMS float in a single pool in late August without moving the stock. On Monday a pseudonymous account claimed to have bought 37.4% of an unnamed Nasdaq company at $0.12 a share specifically to run the trade, and filed no Schedule 13D describing it.

0xSammy, an account with 91,200 followers that publishes a newsletter tracking tokenized equities, described Wednesday's sequence as “onchain meme → tokenized stock demand → viral screenshots → offchain penny-stock buyers,” and wrote that the meme has not saved the listing.

Robinhood launched the chain's mainnet on July 1 as infrastructure for tokenized securities, and it passed Solana in tokenized stock volume via memecoin pairs by late July and Ethereum in daily app revenue on Aug. 29. Total value locked stands at $756.7 million and 24-hour DEX volume at $1.69 billion, according to DefiLlama.

Stock data via Nasdaq at 2:28 p.m. ET. Onchain figures via GeckoTerminal, Blockscout and the Robinhood Chain RPC at 2:28 p.m. ET on Sept. 2.

At 23:36:14 UTC on Sunday, August 30, 2026, tokenized Hims & Hers stock printed $61.15 in its main dollar pool on Robinhood Chain. The real share had closed Friday on the NYSE at $28.84. Nothing had happened to the company. The wrapper was trading at more than double its net asset value because a memecoin called BONER had spent the evening pulling most of the token’s onchain float into its own liquidity pool, and the only entity able to mint more was not minting on a Sunday.

At 00:43:30 UTC on Monday, in block 50,444,949, the first new supply arrived: a round 1,000-token mint, five seconds after the pool printed $54.50. Within 12 minutes the premium fell from 93% to 12%. Within two hours it was gone. All of it, the squeeze and the unwind, ran inside Robinhood’s overnight equity session, before the NYSE opened.

This piece reflects the chain as of block 50,772,447, 09:54 UTC on Monday, August 31. The supply figures, pool prices, and mint events below are read directly from Robinhood Chain contracts at pinned blocks, with addresses cited so you can check them. The trigger for looking was a thread by @0xSammy that circulated overnight; where a figure comes from his snapshot rather than our own reads, it is attributed.

The Setup Robinhood Built We covered Robinhood Chain at launch in July: an Arbitrum Orbit L2 settling to Ethereum, built for tokenized stocks, with Uniswap v4 as its day-one AMM. That piece established two structural facts that matter here.

First, the stock tokens are not shares. They are tokenized debt securities issued by a Robinhood subsidiary, redeemable for cash through authorized participants, tracking the stock’s price. The HIMS token on Robinhood Chain (0xCceE82fE…3D09, deployed August 10) calls itself “Hims & Hers Health • Robinhood Token.” Supply is elastic: an issuer address mints tokens when its broker acquires shares and burns them on redemption. That elasticity is the token’s peg mechanism, and it only operates when there is a stock market to hedge against.

Second, the tokens are freely transferable. There is no allowlist on the ERC-20 itself; a transfer to an arbitrary address succeeds. That is the composability Robinhood advertised, and it means anyone can pool the token on Uniswap against anything, without asking. Someone did.

The July piece ended on what we called the liquidity question nobody had answered: whether equities can trade well on an AMM against a reference price that updates only during market hours. The answer arrived two months later, delivered by a memecoin.

The Pair BONER (0x98096d17…1E18) deployed on August 20 with a supply of one billion. The joke writes itself: Hims & Hers sells erectile dysfunction treatment, so the memecoin attached to its stock is called BONER. The joke is also the market structure, because BONER’s canonical pool is not BONER/USDG or BONER/ETH. It is BONER/HIMS, pool 0x9c89b043…640d, created in the same minute as the token, and it is where nearly all of the liquidity sits: roughly $1.2M at the time of writing, against about $160K in the largest BONER/USDG pool.

That routing choice is the whole mechanism. A trader entering BONER with dollars or ETH gets routed through HIMS for any meaningful size, because that is where the depth is: buy HIMS first, then swap HIMS into the BONER pool. Every net dollar of memecoin demand becomes a buy order for the stock token, and the HIMS ends up locked in the pool as the other side of BONER’s liquidity. The memecoin is a machine that converts degenerate flow into inventory pressure on a tokenized equity.

This was a known pattern, not an accident. A GME-themed memecoin ran the same structure against tokenized GameStop in July, pitched explicitly on the idea that memecoin buying forces stock-token buying, before fading roughly 99% from its peak. @0xSammy ran the numbers on an NVDA-paired memecoin called AI two days before the HIMS event, noting its ecosystem already touched about 17% of the chain’s tokenized NVIDIA supply and that weekends expose the fault line most clearly. He then watched the fault line fail in real time on a smaller stock.

Because that is the other ingredient: HIMS was small. Total onchain supply going into the weekend was 15,226.8 tokens, worth about $440K at Friday’s close, against roughly 225 million real shares outstanding. The float was a rounding error on the equity and a feast for a memecoin.

The Float Going Into the Weekend The supply and pool state below are read from the token contract and the Uniswap v4 singleton (PoolManager 0x8366a39c…0951) at pinned blocks. The onchain HIMS price is the main HIMS/USDG pool’s spot price; the premium is measured against Friday’s $28.84 NYSE close.

Time (UTC) Block HIMS supply In Uniswap v4 pools Onchain price vs. close Fri 19:40 48,555,213 16,126.8 12,689.1 (78.7%) $28.17 -2.3% Sat 11:40 49,125,754 15,226.8 12,085.3 (79.4%) $30.36 +5.3% Sun 11:40 49,980,825 15,226.8 12,424.2 (81.6%) $29.68 +2.9% Sun 19:40 50,265,277 15,226.8 11,964.4 (78.6%) $29.38 +1.9% Sun 23:53 50,415,299 15,226.8 13,883.2 (91.2%) $43.27 +50.0% Mon 09:54 50,772,447 33,977.3 32,086.5 (94.4%) $29.48 +2.2% The first rows carry two details worth pausing on. The float shrank going into the weekend: two burns, of 500 and 400 tokens, executed at 20:37 and 21:21 UTC on Friday, within 90 minutes of the NYSE close, from a redemption wallet (0xa8553db0…3c74). Someone redeemed 900 HIMS for cash right before the two-day window in which no more could be created, cutting the float by 5.6% at the worst possible moment.

And the market-making wallets carried nothing across the weekend. The address that receives all newly minted HIMS (0xcfaece21…0a94) and the wallet it forwards to (0x1a18a8b9…a4e7) both held zero HIMS at every snapshot from Friday through the squeeze. Inventory management here is just-in-time: mint, forward, sell. Which works until the mint switch is off and the float you would normally replenish is being eaten by a token named after an erection.

Sunday Night BONER had actually drifted down through the weekend, from about $0.0036 on Friday to $0.0024 by Sunday evening, priced through its HIMS pool. Then, at around 22:00 UTC on Sunday, the buying started.

The main HIMS/USDG pool never had the depth to absorb what came next. At our 23:53 UTC reference block, mid-squeeze, its in-range reserves were on the order of a few hundred HIMS; @0xSammy’s snapshot during the event put it at roughly 92 HIMS against $135K of USDG. Almost all of the actual HIMS inventory sat inside BONER/HIMS instead: our estimate from the pool’s live liquidity at 23:53 UTC puts about 13,100 of the 15,227 tokens there, assuming full-range positions (his earlier snapshot: 12,284, or 81%). Inside that pool the HIMS was the denominator of a memecoin pump, not an offer waiting to be lifted.

So the dollar pool’s price did what a nearly empty pool does. Sampled at roughly eight-minute intervals from the HIMS/USDG pool’s slot0:

Time (UTC) Onchain HIMS vs. $28.84 close Sun 21:46 $29.73 +3.1% Sun 22:28 $36.22 +25.6% Sun 23:02 $39.94 +38.5% Sun 23:36 $61.15 +112.0% Sun 23:53 $43.27 +50.0% Mon 00:13 $34.33 +19.0% Mon 00:43 $54.50 +89.0% Mon 00:47 $55.61 +92.8% Mon 00:55 $32.37 +12.3% Mon 01:59 $29.31 +1.6%

These are spot samples, so prints between them may be higher; the pool crossed 2x NAV at least once. The swings of 30% or more between adjacent samples are the point: with a few hundred tokens of depth at best, individual swaps were repricing the “stock” by more than the stock moves in a bad quarter. @0xSammy’s thread quoted about $39 and a 37% premium; that was a real print from the calmer part of the window, and understated the extreme.

The premium also fed back into how big the memecoin looked. BONER’s displayed market cap is its HIMS-pool price times a dollar mark for HIMS, so with the wrapper at $43 instead of $28.84, a screenshot showed $9.4M where Friday’s marks implied about $6.9M. His arithmetic on that point checks out against the pool ratios at our reference block. Roughly a quarter of the memecoin’s headline valuation was the premium on its quote currency.

Nothing happened to Hims & Hers in any of this. No shares traded, and nobody’s short position was touched. The company has around 225 million shares outstanding; the entire squeezed float was 15,227 wrapper tokens. This was a corner in a warehouse receipt, not in the commodity.

The Mint Response Robinhood’s 24/5 equity session reopens at 8:00 pm Eastern on Sunday, which is 00:00 UTC Monday. The first HIMS mint since Friday landed at 00:43:30 UTC, 43 minutes into that session: 1,000 tokens to the issuer’s distribution wallet, in tx 0x459aee54…066b, called directly on the token contract by an issuer signer (0x2b94105f…3a87). The next three 1,000-token clips followed within 25 minutes.

The timing tells you what gates issuance. Monday’s opening bell had nothing to do with it. Mints resumed once a venue existed where the issuer’s broker could buy the underlying, plus the operational lag of acting on it; whether the viral post 30 minutes earlier hurried the desk along is unknowable from the chain, but nothing could have minted before the venue opened either way. From Friday’s burns at 21:21 UTC until 00:43:30 UTC Monday, a span covering the entire weekend, the mint function was silent. Then, in the nine hours between the first mint and our final snapshot, the issuer minted 294 times for a total of 18,750.5 new HIMS, every event a transfer from the zero address to the same distribution wallet, more than doubling the token’s supply. Half of that volume had landed by 01:56 UTC. There were no burns.

The distribution wallet forwarded the tokens to the market-making wallet, which sold them into the pools as they arrived (it ended the morning holding under 25 HIMS), which is why the premium died the way it did: $55.61 at 00:47, $32.37 at 00:55, back inside 2% of Friday’s close by 02:00 UTC. The economics of that trade are the disciplining force in this design. Whoever mints at NAV and sells into a 90% premium keeps the difference, and the flip side is that everyone who paid $40 or $55 for a $28.84 wrapper on Sunday night handed that difference over. There was no short seller on the other side of this squeeze, only future supply.

A final number from the aftermath: the mints did not kill the memecoin. BONER’s HIMS-denominated price kept climbing through the unwind, and at our 09:54 UTC snapshot it stood at roughly $0.0147, about 4x its Friday level, an implied cap around $14.7M on the fixed billion-token supply, with about $4.9M of 24-hour volume through the HIMS pair per DexScreener. The squeeze resolved; the flow that caused it did not.

What This Mechanic Actually Is Calling it a short squeeze, as half of crypto Twitter did overnight, gets the flavor right and the mechanism wrong. Nobody was forced to buy. The accurate frame, and the one @0xSammy himself used, is a float squeeze: demand absorbed a fixed float faster than the issuer could expand it, during a window in which the issuer could not expand it at all.

The general rule: any wrapper whose supply elasticity follows the underlying market’s calendar will trade like a closed-end fund whenever that market is closed. Premiums and discounts to NAV are then set entirely by the wrapper’s own float and flow. Tokenized equities on a 24/7 AMM have this property for the 48 hours between Robinhood’s Friday-evening close and its Sunday-evening reopen, and the float side is not hypothetical: on this chain, a memecoin can be deliberately plumbed into a stock token’s routing so that its demand lands on a four-hundred-thousand-dollar float. In the Distributed vs. Represented framing we use for RWAs, the token is Distributed enough to be composable into anything, while the thing that keeps it honest, issuance against the real asset, stays Represented, permissioned, and on a Monday-to-Friday schedule. The squeeze lived exactly in that gap.

Who bears the risk deserves precision. The issuer’s mint-at-NAV arbitrage is riskless in direction; it earned the premium. The company’s stock never traded. The loss concentrates on whoever bought the wrapper above NAV without understanding that the ceiling was two days of market closure, and the depth of that loss was set by a dollar pool holding a few hundred tokens at best. The July launch piece flagged thin AMM books against an external reference price as the structural worry; a memecoin turned out to be the stress test, and the books were thinner than even the bears assumed.

The audience is split oddly, too. Robinhood’s stock tokens are blocked for US retail, the exact crowd that made GameStop a phenomenon. The memecoins paired against them carry no such gate. The practical effect is a two-tier market in which the people barred from the wrapper can still trade the memecoin whose only pricing leg runs through it.

What to Watch @0xSammy’s follow-up pointed at the most-shorted-stocks list as a target menu for the next iteration, and replies flagged a memecoin already paired against tokenized Lockheed Martin. The playbook is public now, and it is cheap: pick a stock token with a small float, launch the joke, pool it against the stock, and let weekend routing do the work. Larger floats resist the corner better; by @0xSammy’s own accounting two days earlier, the AI memecoin’s ecosystem had absorbed about 17% of tokenized NVDA’s 42,664-token supply without a comparable dislocation. The candidates are the small, freshly listed wrappers.

For the issuer, the fixes are mundane and all cost money: carry standing inventory across weekends, pre-mint against Friday buying pressure, or accept that the wrapper trades at whatever its float trades at for two days a week. For everyone else, the practical takeaways are narrower. A tokenized stock’s onchain price is only NAV while the mint window is open; check the supply and where it sits before treating the print as the stock. And a memecoin’s market cap, when its quote currency is a wrapper trading above NAV, is marked against a number that a few swaps can manufacture.

The whole episode, corner, premium, mint, collapse, ran in under five hours on a Sunday night, and the second-order effects landed nowhere: the NYSE opened Monday to a stock that never knew anything happened. That is either the system working, an arbitrage closing exactly as designed the moment it could, or a small-scale rehearsal of what happens when the float is bigger, the memecoin is angrier, and the weekend is longer. On the evidence of the last two months of Robinhood Chain, we will not have to wait long to find out which.

Table of contents

Pump.fun, the launchpad that came to dominate memecoin trading on Solana, has extended its app to HyperEVM, the Ethereum Virtual Machine execution layer built by the decentralized derivatives exchange Hyperliquid. In an announcement posted on X on Aug. 26, the company said its application now supports the chain, letting users trade any HyperEVM token with USDC through the same interface they already use on its home network. Hyperliquid runs one of the busiest venues for perpetuals trading, and HyperEVM is its bid to bring token launches and decentralized finance onto that order flow.

What the rollout adds The launchpad said the integration goes beyond basic token support. Traders can earn what the company calls “callout rewards” and trade with “near-zero fees,” matching the low-cost model that helped Pump.fun outpace rival launchpads on Solana. Settling trades in USDC, rather than a native chain token, also keeps the experience familiar for traders who already move between memecoins and stablecoins. The announcement framed the move as a first, with Pump.fun stating, “We’re proud to be the first app to bring HyperEVM to the trenches.” That positioning is the company’s own claim and has not been independently confirmed.

HyperEVM’s growing launchpad stack HyperEVM has been assembling a DeFi and memecoin ecosystem since its mainnet went live, and Pump.fun’s arrival adds one of the industry’s most recognizable launchpad brands to that stack. It follows other experiments such as BasedPad, a zero-fee launchpad on Hyperliquid, a sign that Hyperliquid’s execution environment is positioning itself as a rival to the venues where memecoin activity has historically concentrated. Pump.fun’s Solana roots give the integration extra weight, since the launchpad has repeatedly ranked among the most active places to launch a new token.

What is still unclear Pump.fun did not specify a timeline for broader feature rollouts or disclose how callout rewards will be funded, and the fee structure could change as the integration matures. The company also did not say whether its Solana tools and token listings will carry over to HyperEVM. The launchpad’s move nonetheless gives HyperEVM another distribution channel while handing memecoin traders a new venue to watch. Whether activity persists will depend on liquidity and user demand that are still taking shape, so the expansion’s longer-term impact remains an open question.

AUTHOR

Kester is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media. In addition to being a skilled content writer, Mushumir is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushumir enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for BlockchainReporter.

Two launchpads on Robinhood Chain cut pump.fun's share of launchpad fees from 80% to 27% in two weeks. Pump.fun's fees are up 30% over 30 days anyway, because the category grew 77% around it. Memecoin prices did not participate.

A wave of launchpads on Robinhood Chain took most of pump.fun's share of the token-launch business in the first two weeks of July. Still, pump.fun is now earning more per week than before they arrived.

The launchpad business grew faster than pump.fun lost ground in it. Weekly fees across the launchpads DefiLlama reports went from about $7 million in late June to roughly $18 million by mid-July and have stayed there, while pump.fun's own weekly take climbed to a 90-day high. Growth in the memecoin space came almost entirely from Robinhood Chain, whose mainnet opened six weeks ago, and it has since begun to reverse.

Fees Nearly DoubledLaunchpads collected $75.39 million in fees over the 30 days to Aug. 11, against $42.53 million in the 30 days before that, June 13 to July 12, a 77% increase, according to The Defiant's calculation from DefiLlama's daily fee data. The comparison covers all 125 launchpads for which DefiLlama reports fees.

Pump.fun took $31.83 million of the July 13 to Aug. 11 total, against $24.45 million in the June 13 to July 12 window, a 30% increase. Its share of the category fell to 42.2% from 57.5%.

The weekly series is sharper. In the week to June 30, pump.fun collected $5.63 million of the category's $7.10 million, or 79.4%. In the week to July 14, it collected $5 million of $18.71 million — 26.7%. In the week to Aug. 11 it collected $9.21 million of $17.83 million, or 51.7%, its largest weekly haul in 90 days.

Two products caused the July collapse in share.

The first was NOXA, a launchpad and DEX that reached Robinhood Chain before the chain reached the public. Its Robinhood Chain factory went live on June 16, two weeks before the chain's public mainnet, and earned a few hundred to a few thousand dollars a day through the end of the month. Fees crossed $99,000 on July 1, ran between $24,000 and $71,000 for the next week, then jumped to $2.22 million on July 8. They peaked at $2.33 million on July 11. NOXA charged a 1% swap fee, so that implies roughly $233 million of trading in a day on a chain then 10 days old.

That day NOXA switched its own launchpad off, and said the reason was that too many people were using it. On July 11, nine seconds after the last token launched through it, the deployer wallet dev.noxa.eth called setLaunchEnabled(false) on the launch factory, according to Robinhood Chain's Blockscout explorer. About a minute later its account posted: "you folks have been vocal about the constant new token spam, vamps, and we identified some bots spamming and copying new tokens every hour." It called the shutdown temporary. "we are finding a workaround for this issue and we have decided to temporarily disable new launches while we work."

Every launch attempted since has reverted.

The second was Pons. Ozzy, the developer who posts as @MEADGod, deployed its first factory on July 13, two days after NOXA stopped accepting launches. "I built a launchpad for Robinhood Chain because the existing ones were extracting without taking care of their communities," he wrote 10 minutes before the second deployment.

Pons charges the same 1% pool fee NOXA charged, plus a 0.0005 ETH launch fee, and splits the pool fee 70% to the creator and 30% to the protocol for tokens launched through the current factory, per its documentation. The 11 hours of launches that went through the first factory keep a 90/10 split in the creator's favor. Eighty percent of the protocol's share funds a PONS buyback and burn. Pons has produced $19.80 million in fees across its two versions in 30 days, more than every launchpad except pump.fun.

Pons Peaked In JulyPons' first version peaked at $1.54 million of fees on July 21 and took about $340,000 on Aug. 11, a decline of 78%. It has generated $18.89 million all-time and $5.03 million of protocol revenue, per DefiLlama.

Ozzy deployed a second version on Aug. 3, and it began recording fees the next day. Contract reads against the PonsV2LaunchFactory return a 1% curve fee, a 1% post-graduation fee, a 30% protocol share, an optional creator tax capped at 10%, and a 99% opening buy tax that decays over three seconds. Version two spends 50% of the creator's residual buying back the launched token rather than PONS, and vests what it buys over five years instead of burning it. It took about $148,000 in fees on Aug. 12.

Uniswap Takes No CutUniswap Labs opened pools.trade on Aug. 5 on the same chain, with no launchpad fee at all. Each token opens a Uniswap v4 pool with a 0.25% LP fee that autocompounds into a position the creator cannot withdraw; creators can switch on a cut of 0.05% of those 25 basis points. Uniswap's announcement calls that "a fraction of the standard ~1% on other launchpads."

Pump.fun's own fee schedule is the standard Uniswap is pricing against: 1.25% on the bonding curve, split 0.95% to the protocol and 0.300% to the creator. Creating a coin is free; graduating one to PumpSwap costs 0.015 SOL, after which a tiered schedule takes over and the total fee falls as the token's market capitalization rises.

Pools took $266,668 in fees on launch day, its highest since. By Aug. 11 that was $36,390, down 86%. Its 30-day total is $806,000, against $19.80 million for Pons. On Aug. 11 the first version of Pons alone took $343,432, nine times what Pools did. DefiLlama has recorded fees for the Pools contracts since July 31, five days before the interface opened. The Defiant reported that Pools out-launched Pons on its first day with 10,506 tokens against 7,210, and that Pools’ flagship token FRONG was minted six days before the product opened.

PONS has risen 160% in the week since. It traded at $0.05072 at 17:20 UTC on Aug. 12, with a market capitalization of $36.9 million, up 19.3% over 24 hours and 23.6% below its July 27 record, according to CoinGecko. UNI traded at $3.52, down 14.5% on the week.

Four days before launching a competitor on Robinhood Chain, Uniswap's account replied to Pons' with "Powered by Uniswap". Neither Ozzy nor the Pons account has posted about pools.trade.

Every Solana Rival ShrankSolana-based launchpads competing with pump.fun are smaller now than they were a month ago. Trading fees paid by users fell 65% on Bags, 56% on Meteora's Dynamic Bonding Curve, 44% on BONK.fun and 85% on EasyA Kickstart. Four.meme on BNB Chain fell 23%. Each falls by within a point of the same amount measured on protocol revenue instead, and SOL and BNB were flat between the two windows, so the declines are activity rather than price.

Their launch counts fell with them. Over the 30 days to Aug. 10, Bags created 923 tokens, down 78.5%; LetsBonk 4,039, down 34.3%; Jupiter Studio 347, down 45.5%, according to Dune data published by The Block. Pump.fun created 872,202, up 3%, and 99.3% of all tokens launched on Solana.

Growth outside pump.fun came from chains pump.fun does not operate on. Flap.sh on BNB Chain grew 209% to $5.51 million. The o1 Launchpad, which runs mostly on Base, grew from $12,698 to $982,481 after its July 3 launch. The four largest new entrants of the period — Pons, StonkBrokers, LetsCash and Uniswap Pools — all launched on Robinhood Chain.

Robinhood Chain Caught SolanaLaunchpad fees on Solana and on Robinhood Chain over the 30 days to Aug. 11 were $33.61 million and $33.49 million. Solana's grew 18%; Robinhood Chain's grew 236% against a prior 30 days in which it had produced $9.97 million, its own first month. BNB Chain took $6.62 million, up 88%. Base took $1.44 million.

Robinhood Chain's weekly launchpad fees peaked at $11.95 million in the week to July 14 and were $7.07 million in the week to Aug. 11. Solana's ran to $9.59 million, its highest of the 90-day window. On the narrow measure of who is taking money from token launches, Solana is winning again.

Robinhood Chain generated $100.2 million in application fees over 30 days against Solana's $233 million and Base's $39.6 million, per DefiLlama. Over the 30 days to Aug. 12 it did $16.58 billion in DEX volume against $4.49 billion the month before. Solana did $46.41 billion over the same window, down 25%. The Defiant reported in July that Robinhood Chain overtook Base on daily active users three weeks after launch.

The Fight For The TraderOne of the fastest-growing competitors for pump.fun's users on Solana does not launch tokens at all.

FOMO, a social trading app built by FOMO Labs, took $9.76 million in fees over the 30 days to Aug. 11, up 172% from $3.58 million in the 30 days before that. Its revenue over the seven days to Aug. 11 was $3.01 million, more than double the $1.34 million it made in the week to July 11, and above Phantom's $1.51 million and Jupiter's $0.96 million over the same week. Its daily revenue record, $544,444, was set on Aug. 6.

FOMO charges "a minimum fee of 0.50% per transaction (subject to a minimum fee of $0.95 per transaction)," according to its terms of service. It sells copy-trading, a leaderboard, and Apple Pay onboarding. It raised a $75 million Series B led by Index Ventures in June, and says more than 625,000 people have joined and traded over $4 billion. It has no token and no launchpad.

The competition pump.fun faces on Solana is now for the trade rather than the mint, and pump.fun has answered by widening its own app. On July 8 it made Robinhood Chain tokens tradable inside the pump.fun app with no bridging, which The Defiant covered as CASHCAT trading built. Alon Cohen, the pump.fun co-founder who posts as @a1lon9, wrote that "the pump fun app is not just for pump fun coins, it covers all of your crosschain trading."

Fewer Coins, Better OddsThe share of pump.fun tokens that graduate from the bonding curve averaged 2.82% in the first 11 days of August and 2.55% in July, against 0.86% in June and 0.62% in September 2025, per Dune data published by The Block. Launches rose over the same stretch, ruling out a shrinking denominator.

Pump.fun has taken $1.17 billion in fees and $1.083 billion in revenue since March 2024. In April it committed half of revenue to buying back and burning PUMP for a year, after burning roughly $370 million of previously repurchased tokens, about 36% of circulating supply at the time. DefiLlama has attributed $17.9 million of revenue to holders over the past 30 days.

Memecoins Did Not Come BackNone of this reached memecoin prices.

The memecoin sector was worth $25.15 billion on Aug. 12, according to CoinGecko, or 1.11% of the $2.27 trillion crypto market. CoinGecko's own research puts the sector's peak at $150.6 billion in December 2024. The sector is 83% below that. It is roughly flat over 30 days and down about a third over 90, by The Defiant's calculation from CoinGecko market-cap history for the category's 16 largest constituents, which hold 80% of its value.

Of the 20 largest memecoins excluding wrapped duplicates, seven are up over 30 days. BONK is down 42%, SPX6900 down 15%, FLOKI down 7%, TRUMP down 7%, WIF down 7%, FARTCOIN down 6%, DOGE down 2%. Across the 5,774 memecoins CoinGecko prices with a market capitalization, 34% are higher than a month ago and the median one sits 99% below its record, by The Defiant's count.

The exception is PUMP, up 83% over 30 days to $0.00273 and a $1.07 billion market capitalization, per CoinGecko. It remains 69% below its September 2025 high. It is the token of the business this story is about, with buybacks funded from that business's revenue.

The launch business is bigger, better-monetized and more contested than it was in June. The sector its output belongs to is worth 83% less than at its peak.

Pools opened four and a half hours behind its own countdown. Uniswap Labs claims the product and disclaims every token on it, including FRONG, the frog memecoin named after its teaser video that leads the platform at a $12.1 million valuation.

Uniswap opened pools.trade, a memecoin launchpad on Robinhood Chain, shortly after 5 p.m. ET on Aug. 5, four and a half hours after the public countdown it had set expired. The highest-valued token on it is FRONG, minted six days earlier by the same contracts, carrying the name of the video Uniswap used to tease the launch.

FRONG traded at $0.0121 as of 6:56 p.m. ET, up 31.9% on the day, with a fully diluted valuation of $12.1 million and $1.1 million in liquidity, according to Uniswap’s index on pools.trade. The site put 24-hour volume at $20.6 million and cumulative volume since launch at $60.96 million, across 172,694 buys from 12,206 wallets and 152,183 sells from 10,942 wallets. It counted 12,141 holders.

“Pools is built by Uniswap Labs,” Uniswap’s announcement of the product says. It also says the firm “has not independently reviewed or verified any token or project displayed” and that “the appearance of a token does not constitute a recommendation, endorsement, or solicitation.”

On X, Uniswap said Pools is “intended for memecoins: speculative, highly volatile assets that can go to zero.”

Countdown Starts NowUniswap’s account posted “Countdown starts now” with a link to pools.trade at 12:31 p.m. ET on Aug. 4. The post carried a night-vision clip of a frog sitting at the edge of a pond, overlaid with a timer counting down from 24 hours. It drew 1.1 million views. Hayden Adams, founder and CEO of Uniswap Labs, replied to it 91 minutes later with “wait whats this about?”

Until the launchpad opened, the pools.trade holding page carried the same clip, served from a file named frong.mp4, under page metadata reading “Coming soon from Uniswap.” FRONG was minted on July 30, five days before Uniswap posted the video publicly. How long the file had been reachable on the domain before then is unclear.

Two minutes before the 24-hour countdown ran out the following day, with the site still reading “DEPLOYING…”, Adams posted: “gonna be another ~hour / appreciate the patience and stay tuned.” That post has drawn more than 135,000 views. At 4:29 p.m. ET, still with nothing shipped, he posted a screenshot of an old DJ Khaled message about servers going down under demand.

The site was live by 5:10 p.m. ET, four hours and 39 minutes after the countdown expired, labeled “Beta” and returning empty loading states on some pages. The launch thread followed at 6:49 p.m. ET.

Minted Before The ProductFRONG’s contract is 0x6245…0c47, a verified ERC-20 with a fixed 1 billion supply, according to Robinhood Chain’s Blockscout explorer. It was created at 20:16:59 UTC on July 30 in block 23,595,790, and its Uniswap v4 pool was created in the same block.

The creating transaction is a multicall sent by an unidentified wallet, 0xE195…cE58, to a verified contract named LiquidityLauncher at 0x00004c4c…D4e9. The token itself was minted by a second verified contract, UERC20Factory, at 0x000000e2…d49b. Neither carried a public label tying it to Uniswap Labs before Wednesday’s announcement. Both were deployed by the same wallet, 0x32f4…07aD, through the public CREATE2 deployer used across EVM chains, LiquidityLauncher on July 6 and UERC20Factory on July 8, three weeks before FRONG appeared and four weeks before Uniswap posted its countdown.

Buying in the creation block is by design. Uniswap describes it as sniping mitigation: “Creators buy in the same block the token is launched, preventing snipers from being the first to buy a new token.”

No wallet holds a large share of the supply. The largest holder is Uniswap’s v4 PoolManager, with about 34.3 million FRONG, or 3.4%, which is the liquidity pool itself. The largest address outside it holds 16.2 million tokens, 1.6% of supply, and no other address in the top five holds more than 1.15%. Blockscout has recorded more than 600,000 transfers.

Zero Launchpad FeesPools charges no launchpad fee. Each token opens a standard Uniswap v4 pool with a 0.25% LP fee that autocompounds back into a protocol-held position the creator cannot withdraw. Creators can switch on an optional fee at launch and take 0.05% of that 25 basis points. Uniswap puts the industry comparison at “a fraction of the standard ~1% on other launchpads.”

Both launch formats mint a fixed 1 billion supply and end in a v4 pool. Instant Launch, which FRONG used, goes live immediately on a bonding curve with no graduation requirement. Crowd Launch runs a four-hour window in which bids fill gradually and price moves with demand, using TWAP bids to blunt bundling; it graduates at a $10,000 launch FDV or refunds every order.

Tokens launched on Pools surface in the Uniswap web app and wallet, in the Launch Aggregator tab Uniswap shipped on July 30, and through the Uniswap API that routes for MetaMask, Ledger and third-party aggregators.

Frogs All The Way DownFRONG topped a trending list that also carried pools.trade, a token named after the launchpad, at a $2.3 million valuation and up 2,468.3%; ChowdLaunch at $991,900; Unicorn Pegasus at $602,800, up 3,781.5%; ABE at $494,200; and Unifrog at $428,300, all per pools.trade’s own index. The platform dated FRONG, pools.trade, Unifrog and ABE to six days before it opened. Its “New” tab filled with tokens stamped “just now” within two hours of the announcement.

At least one copycat is circulating. A separate FRONG contract paired on Uniswap v2 at 0x99C9…01d0 holds $0.37 in liquidity and has recorded no trades in 24 hours, according to GeckoTerminal. Its contract is unverified, and Blockscout counts 796 holders.

Second Home On RobinhoodRobinhood Chain holds $426.9 million in total value locked and processed $322.8 million in DEX volume on Aug. 4, the last complete day, according to DefiLlama. Weekly volume is down 33% against the prior week. Uniswap’s v3 and v4 deployments are the chain’s two largest venues by volume, and Uniswap took $1.67 million in fees on the chain over 24 hours.

The chain has run on memecoins since it opened. The Defiant reported that Robinhood Chain metrics surged as the network leaned into memecoins in its first week, and that it overtook Base on daily active users three weeks after launch, with memecoin trading rather than the tokenized stock trading the chain was built for driving activity. Uniswap switched on protocol fees for v4 pools on July 27, nearly tripling protocol revenue.

UNI traded at $4.03, up 3.8% over 24 hours in a $3.83 to $4.19 range, with a market capitalization of $2.52 billion and $249 million in 24-hour volume, according to CoinGecko.

Tokenized stocks on Robinhood's three-week-old chain averaged $29.7 million in daily DEX volume over the past week, more than Solana's xStocks and Backpack venues combined, with memecoin pairs supplying the push.

Tokenized stocks on Robinhood Chain averaged $29.7 million in daily DEX volume over the past seven days, according to a Dune dashboard maintained by OKX's Web3 wallet team — more than Solana's two stock-trading venues, xStocks at $11.1 million and Backpack's Sunrise at $13.4 million, combined.

Robinhood built the chain to put equities onchain, and through mid-July the network's activity was almost entirely memecoin speculation. The volume that finally arrived came through those same memecoins: tokens launched with tokenized stocks as their liquidity pairs, a loop that locks real equity supply in pools and has pulled stock trading up with it. If the pattern holds, Robinhood Chain has found a retail on-ramp for tokenized equities that RWA platforms have spent years searching for.

Tokenized Nvidia is the chain's most-traded stock, with $13.9 million in volume over the past day, followed by SpaceX at $6.2 million, Apple at $4.5 million and GameStop at $2.2 million, per Uniswap's explore page for the chain. Robinhood CEO Vlad Tenev has framed the equities push as the chain's core purpose. "Robinhood Chain exists to make real world assets programmable, globally portable, and always available, with the product quality you've come to expect from Robinhood," he posted on X on July 16.

Memecoins Did the MarketingThe surge traces to launch platforms Bankr and long.xyz, which in mid-July began letting users issue memecoins backed by tokenized stock liquidity across more than 90 tickers. The pairs now populate the chain's trending list: DEX Screener shows memecoins trading against NVDA, TSLA, INTC, RBLX and SPCX among Robinhood Chain's top 100 pools, led by Artificial Inu (AI/NVDA) at $2.6 million in daily volume.

Because these tokens hold tokenized shares as pool collateral, memecoin trading generates stock-token volume as a byproduct, and the deposited shares stay locked while the pairs trade. Daily active tokenized-stock traders on the chain peaked above 20,000 in the week of July 20, per the Dune data, the highest of any stock-token platform tracked.

Binance Looms Over EveryoneThe chain-versus-chain race has a much larger elephant outside it: Binance's bStocks on BNB Chain averaged $676.8 million in daily DEX volume over the same seven days, more than 20 times Robinhood's figure, per the same dashboard.

Top tokenized-stock venues by DEX volume

RankVenueChainAvg. daily volume (7d)1bStocks (Binance)BNB Chain$676.8 million2RobinhoodRobinhood Chain$29.7 million3Ondo Global MarketsEthereum, BNB, Solana, HyperEVM$24.9 million4Sunrise (Backpack)Solana$13.4 million5xStocks (Backed)Solana$11.1 millionSource: Dune (@okxweb3wallet), average of the last seven completed days, July 28, 2026.

Ondo's multichain stock tokens averaged $24.9 million. The dashboard counts only genuine tokenized stocks — about 102 assets from Robinhood's RWA factory — and excludes the chain's official market-maker address, so the figures understate total activity but strip out house liquidity.

Tokenized stocks also remain a sliver of Robinhood Chain itself. The chain cleared roughly $444 million in total DEX volume over the past day against $332.7 million in total value locked, per DefiLlama, and most of that volume is memecoins like CASHCAT and PONS. Real-world assets on the chain carry about $81 million in active market value, next to $489 million in stablecoins.

Solana still dwarfs Robinhood Chain in overall DEX volume, value locked and users. But on the narrower question of where tokenized stocks change hands onchain, Robinhood Chain now clears more than any Solana venue, three weeks after launch.

Bonk (CRYPTO: BONK) plummeted on Monday after hackers drained nearly $20 million worth of the memecoin from the project’s treasury.

‘Malicious Governance Proposal’BonkDAO, the decentralized autonomous organization tied to the Solana (CRYPTO: SOL)-based cryptocurrency, said that it became the target of a “malicious governance proposal,” resulting in the loss of tokens.

BonkDAO added that it has traced the wallets linked to the hack and is currently coordinating with major exchanges, bridges, and the Solana Foundation to “manage the situation.”

“Law enforcement has been notified. BonkDAO continues to work with relevant parties to recover funds and identify those responsible,” it said.

What Really Happened?According to blockchain analytics firm Chainalysis, the attack began on June 30 when an anonymous wallet submitted a proposal to drain BONK’s treasury.

Then, over the weekend, a separate wallet acquired $8 million worth of BONK through exchange purchases and DeFi borrowing to secure 1% of the coin’s total supply—enough to pass the proposal.

The attacker drained $20 million into an exploiter wallet. Of this amount, they transferred $188,000 to a cryptocurrency exchange, likely to cash out, while sending the remaining $19 million to a multisig wallet, where the funds remain.

BONK Loses Further Ground The massive hack added to the mounting challenges plaguing the dog-themed memecoin, which has already plunged 40% year-to-date and 80% over the last year.

It remains the third-largest meme coin in the Solana ecosystem, with a market capitalization exceeding $390 million. At its peak, it was valued at over $4 billion.

Price Action: At the time of writing, BONK was exchanging hands at $0.000004434, down 7.84% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: LEE WA DA on Shutterstock.com

Photo Courtesy: Akif CUBUK on Shutterstock.com

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.

11h35 ▪ 6 min read ▪ by Luc Jose A.

Summarize this article with:

While most altcoins plunge and see their market capitalization fall to its lowest level since December 2023, Solana follows a radically different trajectory. Unlike a pressured market, the network attracts capital at a sustained pace and fuels renewed interest around its SOL token. This decoupling, rare in the crypto ecosystem, intrigues both investors and analysts alike. Behind this resistance are two distinct drivers: a fundamental dynamic supported by the network and a speculative momentum that further strengthens its attractiveness.

In brief Solana stands out from the altcoin slump thanks to strong growth in its on-chain activity and a continuous inflow of capital. The tokenization of assets and DeFi accelerate network adoption, with record volumes and a number of active addresses now exceeding Ethereum’s in this segment. Memecoins and Pump.fun revive speculation, generating a new wave of liquidity that supports demand for the SOL token. Prediction markets enrich the ecosystem, while signals from derivative markets suggest caution regarding SOL’s ability to extend its rally. The Explosion of Tokenized Assets and DeFi on Solana Solana’s bullish momentum found its initial anchor point on June 23, a key date marking a historic milestone for the blockchain. On-chain data reveal the following financial milestones :

The cumulative volume of tokenized stock transfers on the network officially exceeded $10 billion, driven by the introduction of SpaceX company stock trading by the Backpack platform ; The total value of tokenized assets on Solana, excluding stablecoins, reached an all-time high of $3.5 billion, up from just $2.7 billion a month earlier ; The network now has 294,274 active addresses dedicated to the tokenization industry (S&P 500 stock indices, Nasdaq-100, and corporate credits), significantly ahead of its main competitor Ethereum, which records 204,955 on its side. While the rest of the crypto market sank into a prolonged bearish trend, Solana thus began an upward trajectory completely disconnected from the traditional altcoin sector indices. This technical and operational leadership, supported by the integration of corporate credit tokens and leading stock indices, enabled SOL to break major resistance levels.

By capturing the majority of active addresses in the sector compared to the Ethereum ecosystem, the blockchain transformed its infrastructure into an unmissable liquidity hub, propelling the price of SOL to its highest level in 30 days, settling at 83 dollars.

The Fervor of Memecoins and the Return of Pump.fun to the Forefront Beyond the fundamentals of tokenization, the retail market injected a second wave of liquidity through a surge of intense activity on the memecoin segment. The trigger was the launch of the The Black Bull (ANSEM) token via the Pump.fun platform, which immediately rekindled speculators’ interest. This asset reached a market capitalization of $60 million within two days, before continuing its run to hit an all-time high of $112 million.

The project’s deployment remained opaque, the anonymous developer having chosen to allocate about 65% of the total supply directly to the public wallet of crypto influencer Ansem, a distribution that nonetheless mobilized 74,000 unique addresses during its first three days of existence.

This sectoral effervescence directly benefited the network’s native infrastructures, foremost among them the PUMP token of the Pump.fun platform, whose weekly gains of 27% allowed it to re-enter the top 100 largest global crypto capitalizations with a valuation of $630 million.

Such enthusiasm demonstrates the return of strong liquidity. Retail investors massively choose Solana for its speed of execution. This speculative frenzy, although volatile, fuels a daily transaction volume that mechanically supports demand for the SOL token, essential for paying gas fees, reinforcing buying pressure on the spot market against exhausted sellers.

The Conquest of Prediction Markets and Derivative Arbitrage Meanwhile, the ecosystem diversifies in a more strategic way with the launch of the “World” prediction markets integrated directly into the Phantom wallet, aiming to capture the enthusiasm of bettors with the World Cup frenzy, in direct competition with Polymarket.

This project collected nearly $890,000 in total value locked (TVL) in just forty-eight hours, while the Jupiter aggregator deployed its own version of prediction markets in beta testing phase. Thus, this extension of use cases towards prediction markets brings a new utility dimension to the network, attracting a betting audience that generates constant financial flows decoupled from the classic cycles of decentralized finance.

All these factors outline a complex outlook for Solana, dependent on the long-term viability of these capital flows. While on-chain activity proves particularly vibrant, examining derivative markets invites a much more nuanced analysis of the forces at play. Indeed, the appetite for leverage has cooled sharply, with the annualized funding rate for SOL perpetual futures contracts falling to 3% after peaking at 11% when the price broke through 75 dollars.

Knowing that a healthy bull market generally requires a funding rate between 6% and 12% to offset capital costs, this marked decline indicates strong hesitation among traders to bet on an immediate rise to 90 dollars. The short-term future will thus depend on the network’s ability to convert speculative enthusiasm into sustainable commitment, under the risk of seeing this decoupling fade amid the persistent gloom of the overall crypto market.

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.

Join the program

A

A

Lien copié

Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

The Solana influencer has sent roughly $6.7M in tokens to more than 700 wallets onchain, even as he controls about 60% of the supply.

Crypto influencer Ansem has airdropped about $7 million worth of the $ANSEM memecoin to Solana users, and said he will keep distributing tokens as the price rises in a push to grow the holder base to 1 million wallets.

Ansem, who posts under the handle @blknoiz06 and counts close to 1 million followers on X, has sent roughly $6.7 million in $ANSEM to more than 700 wallets, onchain analytics firm Bubblemaps said in a post on X. One wallet received more than $1 million, six received more than $100,000 each, 40 received more than $10,000, 300 received more than $1,000, and 400 received more than $150, according to Bubblemaps. The token currently has about 25,000 holders, Ansem said, short of the 1 million he is targeting.

The campaign is a live test of one of crypto's most contested ideas: that a person's online reputation can be packaged into a tradable asset. $ANSEM has no product, revenue or roadmap, and its value rests almost entirely on the attention of the influencer whose name it carries. That makes the airdrop both a marketing engine and a concentration risk, because the same wallet funding the giveaways still holds the majority of the supply.

Fee Redistribution“Sent out another round of the airdrops, have airdropped about ~$7M so far, will do more as market cap goes higher," Ansem wrote on X. “Goal is to get $ANSEM to 1M holders, currently at ~25k holders.”

Ansem has framed the distributions as a way to return the creator fees he earns on the memecoin launchpad pumpfun to holders, rather than as a token sale. He did not deploy $ANSEM himself. A separate wallet created the token on pumpfun around June 17 and transferred the bulk of the supply to Ansem's address, onchain tracker Lookonchain said. That deployer spent about $6,300 to launch the token, bought 792.45 million $ANSEM, sent 650 million to Ansem and later sold the rest for about $11,800, netting roughly $5,500, according to Lookonchain.

Ansem now controls the largest single position. He holds about 604 million tokens, or roughly 60% of the supply, data from Bubblemaps how.

Token Touched a Nine-Figure Valuation$ANSEM, nicknamed "The Black Bull," was trading at about $0.10 with a circulating market cap near $43 million and a fully diluted valuation of about $105 million as of 5:30 p.m. ET on June 29, according to CoinGecko. The token rose about 22% over the prior 24 hours, compared with a 7% gain in Solana's SOL and a 1% rise in Bitcoin.

The token hit a record of about $0.12 earlier on June 29, CoinGecko data show, briefly pushing its fully diluted valuation above $120 million. Reported market caps for the token have varied widely depending on the source and whether the calculation uses circulating or total supply.

Reputation CoinsThe airdrop has reopened a debate over so-called key-opinion-leader, or KOL, coins, tokens tied to an individual's social following rather than a product.

“$ANSEM is a fascinating example of tokenized attention and reputation," DeFi researcher Ignas wrote on X. He argued that influencer coins are surprisingly less reviled than other ways creators monetize an audience, because buyers opt in. “You can opt out and simply not buy. If you bought and lost money, all you can blame is yourself," he wrote, adding that most such tokens will fail because they have "no revenue or business tied to them."

Ignas also flagged a tension in the airdrop model. The tokens being distributed, he noted, are "coming from someone else's degen pockets" — funded by new buyers rather than business cash flow — and warned that recasting a memecoin as a "revenue token" is "usually bad news" for the price.

Crypto analyst 0xNairolf called the token "a perfect reminder that one of the biggest unsolved markets in crypto is letting people speculate on other people," predicting that "whoever cracks that is the next pumpfun."

The episode lands as Solana's memecoin activity recovers. The Defiant has reported on a broader revival in low-cap Solana tokens, and influencer-driven coins have repeatedly drawn scrutiny, from Iggy Azalea's MOTHER to the contested NEIRO listings that Ansem himself helped move.

Polarizing FigureAnsem is a polarizing figure. In October 2024, onchain investigator ZachXBT publicly accused him of promoting a series of low-cap Solana memecoins in a way that resembled pump-and-dump dynamics, arguing his reach could leave followers holding losses. Ansem rejected the criticism, defending his early calls on tokens such as Dogwifhat. The accusations were not accompanied by formal findings and remain unproven.

Concentration is the more immediate concern. With roughly 60% of the supply in a single wallet, the holder doing the airdropping also has the ability to move the price sharply.

Ansem has said further airdrops will follow as the market cap climbs, tying continued distributions to the token's price.