Price Drop Does Not Dent Activity The Solana meme coin category fell roughly 6% on October 7, 2026, yet the session told a more complicated story beneath the headline loss. According to CoinG
The Solana meme coin category fell roughly 6% on October 7, 2026, yet the session told a more complicated story beneath the headline loss. According to CoinGecko data cited by @BSCNews, the category still recorded more than $7.2 billion in 24-hour trading volume, a figure that underscores how much speculative appetite remains even during broad price declines. The category-wide correction brought the total market cap to approximately $3.59 billion, yet high trading volume across top assets held firm.
Among the heaviest traded tokens on the day were solana:2zMMhcVQEXDtdE6vsFS7S7D5oUodfJHE8vd1gnBouauv and solana:6p6xgHyF7AeE6TZkSmFsko444wqoP15icUSqi2jfGiPN, both of which retained meaningful liquidity despite the market-wide pullback. Major assets like PENGU and TRUMP led the volume charts despite significant price retreats across the board.
The standout performer in the session context was solana:pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn, the native token of the Pumpfun launchpad, which has gained roughly 60% over the past 30 days from its mid-year lows. PUMP has managed to reverse its 2026 losses and booked a significant gain after a surge in the last 30 days, with the Solana-based launchpad continuing to capture significant volumes as traders return to speculate on meme coins.
Pumpfun reclaimed its launchpad crown and became the first application in Solana's history to cross $1 billion in lifetime revenue, a milestone that has supported sentiment around the token. When launchpad share climbs, buyback capacity climbs with it, because Pumpfun funds its PUMP purchases directly from fee income, and during its last recovery push the platform ran daily buybacks of at least $1 million.
Despite the positive momentum, risks are building. Reports point to rising liquidation pressure as broader meme coin sentiment faces headwinds. Pumpfun faces launchpad competition, volatile meme coin demand, execution risks, and regulatory scrutiny. The token's rally also faces a looming threat from expired vesting schedules for both the development team and existing investors, which could introduce fresh selling pressure if holders choose to exit. Traders watching the space should weigh strong on-chain volume against these structural overhangs before drawing conclusions about the durability of the current bounce.
Sources:CoinGecko: Solana Meme Coins CategoryYahoo Finance: Pump.fun PUMP Reverses Downtrend After 200-Day EMA BreakoutPhemex: Why PUMP Token Is Rallying as Pumpfun Reclaims Solana
