In the Solana Meme coin launch ecosystem, two major platforms exhibit vastly different market sizes. In terms of daily token launch volume, one platform's throughput is about 10 times that of the other, indicating a significant difference in market traffic. Interestingly, the graduation rate (the probability of a token successfully breaking through) for both platforms is surprisingly close—remaining stable between 0.62% and 0.65%. This means that although the number of launches varies greatly, the proportion of projects that ultimately survive is roughly the same. As platform competition intensifies, the turnover rate of market participants is also accelerating. Overall, Solana remains the most active hub for Meme coin culture, and the competition in this launch arena is deepening.