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Solana’s memecoin craze is ongoing, even if it has cooled from its peak in the early half of 2024. In the week leading up to July 19, approximately 2,600 new Solana memecoins with liquidity were launched, a drop from 19,000 new tokens launched in a week observed by Magazine back in February. Rampant bot activity continues to fuel the memecoin scene on the network, with some automation features enabling users to launch tokens on platforms like Pump.fun and inorganically inflate trading volumes by creating and automating trading on multiple wallets. Magazine found a sample wallet on the Solana blockchain that holds over 3,500 different tokens, mostly memecoins. Bots can automate memecoin launches by scanning trends, but they often skip important steps, such as deploying smart contracts properly or conducting audits, says Big_Cat, product chief of Solana-based memecoin project Laika.