Right as it looked like PumpFun coins were down for the count, a new ecosystem leader has inexplicably emerged.
With Solana memecoin activity tapering off, there was an unexpected winner out of the trenches this week in the form of TROLL coin, which is up more than 800% over the last two weeks.
The memecoin’s explosive price action comes as a surprise for many active degen traders. As a result, it’s commanding attention in the Solana ecosystem, accounting for almost 12% of the entire Solana ecosystem mindshare over the last week, according to Messari Portals*.
The TROLL token is also one of the first pumpfun-originated memecoin runners over the last two months, with the Letsbonk launchpad dominating the trenches recently.
The token breakout comes as PUMP looks on track to reclaim its ICO valuation of $4 billion, while revenue continues to slide after recording its slowest seven-day stretch since March 2024 last week.
Unlike most memecoins that take off, TROLL launched almost four months ago in April, and has been mostly rangebound since. It is possible that a community takeover (CTO) team or other entity accumulated large amounts of the token over this period, resulting in supply control that fueled the token’s parabolic price action.
It is worth noting that basic onchain analytics such as Bubblemaps do not point towards any egregious bundling that has been associated with some other Solana memecoins. The token’s top 100 holders still control 43% of the total token supply, which is substantial. Nansen data points towards large accumulation over the last week, with most recent buyers still holding a majority of their purchase amount.
Despite these recent buyers “diamond handing” their tokens instead of realizing scalp profits, smart money has been dumping into the price surge, and smart money’s TROLL supply is down 56% over the last week, according to Nansen.
TROLL Smart Money Flows – Nansen
*This article is part of a media partnership with Messari. Messari is building the insight layer for the cryptoeconomy – empowering builders, institutions, regulators, and the public to make informed, confident decisions.
Messari Portals are a free-to-use community resource that combines quantitative data with qualitative context, giving crypto communities transparent, convenient access to information that helps them make better decisions.
Visit https://messari.io/portals to learn more.
