- Pump.fun revenue has dropped to $1 million as token launches fall from 70,000 to 25,000 in one month.
- Only 0.7% of tokens now graduate to Raydium as market interest in memecoins declines.
- Legal issues and fraud concerns have hurt Pump.fun as traders lose confidence in new token launches.
Pump.fun, a leading memecoin creation platform, has seen a significant drop in activity. The platform’s daily revenue has fallen to around $1 million, returning to mid-October 2023 levels. The memecoin craze that peaked in January has cooled significantly.
The number of daily token launches has plummeted. From a high of over 70,000 in late January, the number has dropped to around 25,000 by February 26. This represents a two-thirds decline in just one month.
Fewer Tokens Completing the Bonding Curve
The drop is even more drastic for tokens completing the bonding curve. This step is necessary before listing on Raydium, Solana’s primary decentralized exchange. In January, nearly 1,200 tokens completed this process daily. By late February, this number had dropped to about 200.
The decline exceeds 80% from peak levels as January 23-24 saw the highest activity. This surge followed Donald Trump’s official memecoin launch and his presidential inauguration. However, since then, the market has lost momentum.
Trading volumes have also fallen sharply. During the January peak, Pump.fun graduated tokens reached over $3 billion in daily trading volume. These numbers have now decreased significantly. The percentage of tokens successfully graduating to Raydium has also declined. In June 2024, this rate peaked at 2.1% but by February 2025, it had dropped to 0.7%, nearing all-time lows.
Scandals and Fraud Shake Confidence
Several factors have contributed to the decline as major incidents have made traders more cautious. One major case involved the LIBRA token, which was linked to Argentine President Javier Milei. Within hours of its February 14 launch, it lost $4.4 billion in market value.
Traders have also lost approximately $2 billion across 800,000 wallets on the Official Trump memecoin since January. These losses have dampened enthusiasm for new token launches. Pump.fun itself faced fraud issues. On February 26, the platform’s X social media account was hacked. The attackers promoted a fake governance token called “PUMP” and other fraudulent coins.
Legal Challenges and Market Cooling
Pump.fun has faced legal challenges as well. Law firms have pressured the platform to remove tokens that violate intellectual property rights. Unauthorized use of company names and logos has led to legal threats. A class action lawsuit filed in January has also added pressure. The lawsuit claims that Pump.fun sold highly volatile, unregistered securities to investors.
The decline in token launches, bonding curve completions, and trading volumes signals a cooling market. The latest memecoin wave appears to be fading, leaving Pump.fun in a period of adjustment.
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