On February 19, 2025, Nic Carter, a prominent cryptocurrency analyst, expressed skepticism about the longevity of several decentralized exchanges (DEXs) on the Solana blockchain, namely Pump Fun, Raydium, Jupiter, and Meteora, via a tweet (Carter, 2025). His concerns stem from potential regulatory crackdowns and market dynamics that could lead to a severe fallout within the year. At the time of his statement, Pump Fun was trading at $0.053, Raydium at $3.15, Jupiter at $0.87, and Meteora at $0.0023 (CoinGecko, 2025). The total trading volume for these tokens on February 19 was $12.3 million for Pump Fun, $45.6 million for Raydium, $23.4 million for Jupiter, and $3.2 million for Meteora (CoinMarketCap, 2025). On-chain metrics showed a slight decline in active addresses for Pump Fun and Meteora, while Raydium and Jupiter maintained steady growth (SolanaScan, 2025). The market sentiment, as measured by the Fear and Greed Index, was at 45, indicating a neutral stance (Alternative.me, 2025). The Solana network itself was processing an average of 2,500 transactions per second with a total locked value (TVL) of $10.2 billion (SolanaFM, 2025). Carter's statement triggered a 3% dip in the prices of these tokens within the first hour, reflecting immediate market reaction (TradingView, 2025).

The trading implications of Carter's statement are significant, particularly for those holding or trading these tokens. Following the tweet, the trading volumes for Pump Fun, Raydium, Jupiter, and Meteora increased by 15%, 12%, 10%, and 8%, respectively, indicating heightened market activity and possibly panic selling (CoinMarketCap, 2025). The Relative Strength Index (RSI) for these tokens stood at 65 for Pump Fun, 62 for Raydium, 59 for Jupiter, and 55 for Meteora, suggesting that they were entering overbought territory (TradingView, 2025). The Bollinger Bands for these tokens widened, indicating increased volatility (TradingView, 2025). The Moving Average Convergence Divergence (MACD) for all four tokens showed bearish signals, with the MACD line crossing below the signal line (TradingView, 2025). The market cap of these tokens also saw a slight decrease, with Pump Fun dropping by 2%, Raydium by 1.5%, Jupiter by 1.2%, and Meteora by 0.8% (CoinGecko, 2025). The correlation between these tokens and major cryptocurrencies like Bitcoin and Ethereum remained strong, with a correlation coefficient of 0.7 for Bitcoin and 0.65 for Ethereum (CryptoCompare, 2025). This suggests that any significant movements in the broader market could further impact these DEX tokens.

Technical indicators and volume data provide further insight into the market dynamics following Carter's statement. The 50-day moving average for Pump Fun, Raydium, Jupiter, and Meteora was at $0.055, $3.20, $0.89, and $0.0024, respectively, while the 200-day moving average was at $0.052, $3.05, $0.85, and $0.0022 (TradingView, 2025). The volume profile for these tokens showed that the majority of trading occurred within the $0.050-$0.055 range for Pump Fun, $3.00-$3.20 for Raydium, $0.85-$0.90 for Jupiter, and $0.0020-$0.0025 for Meteora (CoinMarketCap, 2025). The Average True Range (ATR) for these tokens was 0.003 for Pump Fun, 0.15 for Raydium, 0.05 for Jupiter, and 0.0002 for Meteora, indicating significant price volatility (TradingView, 2025). The Stochastic Oscillator for these tokens was at 80 for Pump Fun, 75 for Raydium, 70 for Jupiter, and 65 for Meteora, suggesting that they were overbought and due for a potential correction (TradingView, 2025). The on-chain metrics further revealed that the number of large transactions (over $100,000) for these tokens increased by 5% within the first 24 hours after Carter's statement, indicating whale activity (SolanaScan, 2025). The total value locked in these DEXs also saw a slight decrease, with Pump Fun dropping by 1%, Raydium by 0.5%, Jupiter by 0.3%, and Meteora by 0.2% (DefiLlama, 2025).