Solana registered over 200,000 new project launches last week. However, trading revenue and graduation rates are still low. The platform also launched an AI trading agent called Mayhem Mode, which experienced a slow start to its first trading week.
Last week, over 200k crypto projects launched on Solana as its Mayhem Mode AI agent went live. According to on-chain data from Solana blockchain explorer Solscan, the majority of the new launches were memecoins launched on Solana’s memecoin launchpad pump.fun.
Solana’s Pump.fun records a slow week despite unveiling a new AI agent
The data also shows that Monday experienced the most launches, which cumulated to a total of 31,193 new tokens.
Tuesday saw a slight dip from Monday’s launches, with 29,127 new tokens added by the end of the day. In contrast, Wednesday saw a slight surge in launching activity, resulting in 30,574 new tokens. On Thursday and Friday, the platform recorded 28,783 and 28,469 new launches, respectively.
Activity decreased during the weekend, with the network closing the day on Saturday at 25,611 new launches and 26,312 new tokens on Sunday. The network ended the week with a total of 206,669 tokens launched. The data also showed that the Solana network recorded 129,434 new NFT mints, with the highest mint for the week being 20,546 recorded on Friday.
The news follows Cryptopolitan’s recent report dated November 19 that Pump.fun’s new AI-driven “Mayhem Mode” experienced a slow start in its first week. The report detailed that Pump.fun averaged 17,300 new token launches per day, but the number only slightly increased to 17,800 after the AI trading agent was deployed on the network.
The launchpad’s developers explained that the agent was developed to facilitate early price discovery, helping new coins attract investor attention more quickly and simultaneously increase trading revenue on the platform. The developers highlighted that the AI agent will only work on new projects and cannot be deployed on existing projects, such as those on the Pump.fun bonding curve or those classified as graduated tokens.
The AI-powered trading bot features functions that involve minting, trading, and burning memecoins on the platform randomly to outcompete other trading bots.
However, some traders show concerns that it resembles wash trading. A single AI agent pulling massive numbers during early trading activity could make markets appear more active than they are. Others described Mayhem Mode as another means for malicious traders to direct unsuspecting investors into rug pulls.
Pump.fun launches Mayhem Mode to lift token visibility
The memecoin launchpad unveiled the agent as a solution to lift token visibility and help devs launch and trade more crypto assets. However, the slow first week suggests that the new agent might not have a significant impact on the platform and its trading activities.
Since the inception of Mayhem Mode, Solana’s Pump.fun trading volume has declined. Lower revenue has caused PUMP tokens, the native token of the Pump.fun platform, to decline significantly. Lower revenue reduces PUMP token buybacks that mechanically support its value.
The token is down 74% from its peak of $0.012 and currently retails at $0.003, according to CoinMarketCap data at the time of this publication. Pump.fun has reinvested over $175 million in PUMP’s buybacks since its all-time high. However, the token’s price has still plummeted.
Cryptopolitan recently reported that token graduation rates, which is the share of launched coins that gain traction, have declined significantly. In October, the platform saw 451,939 tokens launched, out of which only 2767 graduated. The figure only represented a graduation rate of 0.61%. September’s graduation decreased to 0.58% after 679,341 tokens were launched on the network.
Solana is down 13.23% in the last seven days but has relatively remained unchanged in the last 24 hours. The digital asset is currently trading at $138, as of the time of this publication.
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