Trading volume for graduated Pump.fun tokens has declined significantly since the beginning of the year, reflecting both the broader market cooling and evolving trader sentiment.
Daily volumes have plummeted from January peaks of $3 billion to approximately $170 million at the time of writing, a staggering 94% reduction. This decline coincides with a slowdown in the platform's token graduation rate, which has dropped from 1.85% to 0.83% weekly, indicating fewer new coins are gaining the $100,000 market cap threshold needed to graduate to Raydium.
The volume contraction points to a potential case of trader fatigue within the Solana memecoin ecosystem. After months of frenzied activity, many participants appear to be growing weary of the space's darker elements. Rug pulls, questionable influencer promotions, and insider trading groups have all contributed to the diminished trust in memecoins in general.
As a recap, we’ve had presidential coins, influencer coins, TikTok coins, animal coins and a slew of AI and agentic coins to just scratch the surface. This phenomenon isn't unique to Pump.fun, as speculative fervor typically gives way to disillusionment when the reality of high-risk trading environments becomes apparent.
Despite the current downturn, Pump.fun's overall impact since its Jan. 19, 2024 launch remains remarkable. The platform has generated an impressive $570 million in lifetime revenue in just over seven months, a testament to both the scale of the Solana memecoin phenomenon and Pump.fun's ability to capture value during the height of the frenzy. Few crypto platforms achieve such revenue figures, particularly in such a compressed timeframe.
Looking forward, Pump.fun continues to build, recently launching a mobile application and teasing an upcoming native AMM. These moves suggest recognition that the initial business model may not be sustainable long-term without evolution. We’re keeping a close eye to see whether Pump.fun can weather the storm or if it requires peak speculative mania to succeed.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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