Memecoin Season — Is It Actually Back, or Just Loud?

Memecoin volumes have spiked across multiple chains in April. The interesting question is whether the action is durable or just a localized blow-off.

The data: Solana memecoin trading volume hit $5.4B last week, the highest since the early 2024 peak. Pump.fun-style launchpads on Solana, Base, and Hyperliquid are reporting record daily creation rates. Number of unique active wallets in memecoin trading hit 2.1 million in April.

Case for it being back: broader crypto market structure has stabilized after Q1 correction, retail attention is returning, celebrity memecoins plus AI-launched tokens have created new demand vectors. Case against: volume is concentrated in a handful of tokens with obvious wash-trade patterns.