Although it never grew large enough to become a household name in crypto, XXYY was one of the projects that launched and sustained activity amid a meme boom. However, as the trenches dried and meme speculation moved on to other opportunities, the platform followed others in slipping below the sustainability line.
The self-custodial app Zap, which launched as a platform that allowed users to trade memecoins with Bitcoin in 30 seconds, closed on June 1 after the team conceded it did not see a path forward. While Zap reached the 30-second technical target, creator Leonidas King said the project never saw sufficient adoption and eventually ran out of money.
BullX, another meme trading venue, also suspended its trading app to work on next-generation upgrades.
Meme volumes have fallen off a cliff
Solana trading terminals such as Axiom and Photon have seen monthly volumes drop 89% from their peak levels, stalling at their slowest month since September 2023 after pulling $3.8 billion in March 2026. That volume is a fraction of the roughly $35 billion recorded at the height of the TRUMP memecoin rush in late 2025.
The leading Pump.fun memecoin launchpad has also struggled this year, graduating only 0.26% of memecoins launched on the platform every day. Daily revenue also fell to about $800,000 in June, a sixth of the $4.8 million daily haul it was closing six months before.
The slowdown also showed up in Solana network revenue stats, as daily fees slipped from 33,000 in January to 5,300 SOL.
A Bitquery study put numbers on the trader fatigue. 79% of Pump.fun tokens traded only on their launch day, and of nearly nine million tokens tracked, just 1.5% saw any trade by their fifth week.
Notably, capital has not completely vanished. Rather, it has rotated to other categories. On-chain perpetual futures now make up 12.33% of global perp volume as of September 2026, per a Castle Labs report. Hyperliquid is the biggest beneficiary of this shift.
Stablecoin swaps have also moved in, accounting for 23% of on-chain spot volume, SolanaFloor noted.
