Trenches
Trenches (usually the trenches; trading there is trenching) is crypto slang for the earliest and riskiest stage of on-chain memecoin trading, chiefly brand-new Solana tokens on launchpads such as pump.fun. Its traders are called trenchers or degens.[1]
Usage[edit]
The term names both a phase, a token's first minutes and hours, and a place: launchpads, decentralised exchanges and memecoin chat groups.[1] The war metaphor refers to conditions in which bots, insiders and scams are common and most tokens die quickly; the term has spread to early-stage speculation generally.[1] It also stands for the retail crowd as a market force: in July 2025, after LetsBonk took 69% of Solana launchpad deployments to pump.fun's 19%, data scientist Adam Tehc told Decrypt it was up to pump.fun's team "to convince the trenches".[2]
How it works[edit]
Most trench tokens start on a Bonding curve and trade there until they graduate to a liquidity pool. Traders buy within seconds of launch through browser terminals and Telegram bots; Axiom, a Y Combinator-backed terminal, generated $100 million in fees about four months after its early-access launch, according to Dune and Token Terminal data cited by The Block.[3] Common approaches include Sniping launches, following KOL calls and Copy trading wallets labelled "smart money", which one study calls "the dominant entry strategy in meme coin markets".[4] Traders contend with Bundling by creators and with rug pulls.[4]
Outcomes[edit]
Solidus Labs found that of more than 7 million pump.fun tokens with at least five trades deployed between January 2024 and March 2025, about 97,000 kept liquidity above $1,000.[5] CoinGecko found that from April 2024 to late 2025 most active pump.fun traders ended each month with a realised loss; the profitable share bottomed at 30.08% in June 2025 and reached 73.28% in April 2026.[6]
See also[edit]
References[edit]
- ^ What are "the trenches"? A guide to Solana memecoin culture and slang, crypto.news, 2026-06-29
- ^ Pump.fun Revenue Plummets as Meme Coin Traders Tap Other Launchpads, Decrypt, 2025-07-28
- ^ Axiom exchange hits $100 million in revenue just four months after launch, The Block, 2025-05
- ^ Resisting Manipulative Bots in Meme Coin Copy Trading: A Multi-Agent Approach with Chain-of-Thought Reasoning, arXiv (WWW '26), 2026-01-13
- ^ The 2025 Rug Pull Report: Rug Pulls and Pump-and-Dumps on Solana, Solidus Labs, 2025-05
- ^ Pump.fun Traders Are Making a Comeback, CoinGecko, 2026-05-07