- The analysis looks at cumulative net taker volume for memecoins on Binance.
- CryptoQuant’s data shows that sellers have outnumbered buyers across the board.
- Sustained selling pressure on Binance can be an early warning of a strategy shift.
According to CryptoQuant analyst Darkfost, Binance users have piled on about $1.21 billion in cumulative selling pressure on memecoins since Bitcoin reached its all-time high in October 2025. This is a sign that investors are gradually pulling back from one of crypto’s riskiest sectors.
The analysis looks at cumulative net taker volume for memecoins on Binance. Rather than measuring price performance alone, it tracks the balance between market buys and market sells.
Darkfost mentions that memecoins got a fresh boost after Robinhood launched its own blockchain, fueling new hype around novelty projects. For instance, the token CASHCAT has seen its total value climb to roughly $195 million.
However, this didn’t do much for the long term since CryptoQuant’s analysis shows that sellers have outnumbered buyers across the board, pointing to sustained selling pressure as opposed to a one-day liquidation event.
It’s worth noting that Binance is still the biggest exchange by volume, so its order flow is a key read on sentiment. While this data doesn’t represent the entire crypto market, sustained selling pressure on the exchange can be an early warning that traders are shifting strategy.
Capital Seems to be Rotating Towards BTC and ETH
Just as memecoins have experienced heavy selling pressure, institutional demand has remained concentrated in Bitcoin and Ethereum.
A few days ago, Ethereum spot ETFs logged five straight days of inflows, adding up to about $162 million. This includes a $70 million single‑day inflow, which is the biggest in nearly a month. On the other hand, Glassnode’s weekly report on Bitcoin showed that BTC’s bounce has been driven more by long‑term holders than by fresh spot buying, a sign that the capital is staying in higher‑conviction assets.
Memecoin creation seems to be on the downside as well. According to CoinGecko and Dune Analytics, from January 2024 to June 2026, Pump.fun saw about 18.6 million tokens launched. However, nearly 13 million of them (68.7%) had their last trade on day one.
Additionally, a July academic study looked at over 832,000 tokens launched on Pump.fun in May and June. Only 0.198% made it to decentralized exchanges, which is over three times lower than in late 2025.
Related: Why Memecoins May Never Return to Their All-Time Highs
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