The renewed speculation and rapid growth of the Solana memecoin market are not being observed in the wallets of the sharpest investors, who appear to be offloading some of the tokens.
On May 8, there was aggressive accumulation of Solana-based memecoins, but if you look at the types of wallets making the buys, they aren’t what most traders would think of as sophisticated. Since the May 8 buying spree, on-chain data from Stalkchain shows that there have been significantly more sells than buys.
Solana Memecoin Market Forecast – Today’s Outlook (May 9)
Looks like smart money is offloading memecoins today, there is more sells than buys on Stalkchain daily trend at the moment.
This comes right after heavy buying on May 8, so it could just be some profit taking or a sign… pic.twitter.com/3JQwc9peYM
— Stalkchain (@StalkHQ) May 9, 2025
Profit-Taking or Cooling Sentiment? Smart Money Pulls Back
The current data paints a picture of astute capital retreating from the buying spree. After a recent, intense flurry of buying activity, many of the top-performing digital wallets on Solana have started to pare down their memecoin holdings. At first glance, this might seem to be a negative development, but if you squint and use your imagination a bit, it becomes clear this is mostly healthy profit-taking. You can’t really hate on these smart traders for taking a win when the picture associated with the Solana and memecoin markets is so cloudy.
This might also be an early signal of market fatigue after a concentrated rally in Solana’s memecoin sector over the last week. The speed and scale of some of the recent gains—often driven by hype, influencer tweets, and centralized exchange activity—have been historically followed by sharp pullbacks. Still, the memecoin market often defies logic, and investor behavior across segments doesn’t always align.
The gap between intelligent money moving out and retail investors moving in is not strange in high-momentum phases. Really, it is a hallmark of those phases. If you like, it is a badge worn by the kind of trading that gets us to the sharp price movements people are currently complaining about. Memecoins, particularly those based on Solana, have become a hotbed for fast, speculative trading. When it comes to liquidity and volume, things move as quickly as sentiment does.
Top Gainers: MOODENG, PNUT, and SUNDOG Rocket Higher
Even with the slowdown in smart money, three memecoins based on Solana have today made standout moves, which has seen them realize some incredible gains and amass quite a bit of trading volume.
At the head of the pack is $MOODENG, which in just 24 hours posted a staggering 130% gain. The coin saw a massive influx of trading activity, with $821 million in volume—translating to a volume-to-market cap ratio of 569%. This level of turnover suggests intense speculative interest, and a sizable portion of that volume was recorded on Coinbase, which alone contributed more than $200 million in trades. The spike hints at increased accessibility for retail traders, which likely played a role in the dramatic price action.
Following closely is $PNUT, which has surged 50% during this same stretch. This memecoin is also seeing its volume take off dramatically, now totalling $925 million with a volume-to-market cap ratio of 300%. Much of that liquidity is flowing through Binance, where $267 million in trades have been logged. The depth of activity on such a major exchange reinforces $PNUT’s positioning as one of the most actively speculated tokens on the Solana chain today.
🚨 Top Memecoin Gainers Alert! 🚨
$MOODENG leads with a +130% gain and MASSIVE volume surge — $821M traded, 569% volume/market cap ratio! 🤯 Coinbase tops with $200M+ in trades.$PNUT follows with +50% gain 🚀 Volume up to $925M, 300% ratio. Major liquidity on Binance with… pic.twitter.com/uMyTNKirXj
— MemecoinWire (@memecoinwire) May 9, 2025
$SUNDOG is in third place, rising 49%. Its trading volume is way up, 360%, to $91 million. Not like the other two, $SUNDOG is concentrated tradewise on Gate.io and HTX, really less “mainstream” than its two predecessors in this list—I mean, you know, as far as the trading public is concerned! But there are signs $SUNDOG might be on the verge of a breakout, judging by momentum and past patterns.
Volatility Reigns as Retail Momentum Surges
Even while the astute money sits on the sidelines, individual investors have made it clear that they are still very much in search of juicy returns. The past 24 hours have solidified that not only is the Solana memecoin space a live one, but it is also one that is very much thriving. This was highlighted by the fact that the top three performers in the Solana space exhibited extraordinary volume relative to their respective market caps.
Very often a situation with such a high volume/market cap ratio can signify either brewing volatility, extreme interest, or both.
The way that memecoins trade is notoriously unpredictable. Hype, social media trends, celebrity tweets, and exchange listings can all make a memecoin pump at a moment’s notice. But today’s action serves as a cautionary tale for traders in the space. While we can and do meme the coins, any major gains seen in the space come with equally large and notable risks. And with today’s action, we’re seeing what it looks like when the smart money steps back.
It is too soon to tell if the growing divergence between retail and smart money behavior is just a temporary blip or something more meaningful. But what we can say with a pretty high degree of confidence is this: The memecoin market on Solana is a turbocharged, speculative vehicle—one that can really get the adrenaline pumping. And if you’re a participant, you’d better fasten your seatbelt.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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