Solana-based meme coin launchpad Pump.fun is experiencing a severe drop in the number of tokens that can launch and maintain a market capitalization above $1 million.
Solana-based meme coin launchpad Pump.fun is experiencing a severe drop in the number of tokens that can launch and maintain a market capitalization above $1 million. This slump occurred as traders show less interest in the protocol and trading meme coins.
Of the coins on its platform, per data from Pump.fun, only 89 currently have a market capitalization greater than $1 million. That's 0.0045% of the nearly 2 million tokens that have launched on it.
Just 1.5% of newly launched tokens have "graduated" to Solana's decentralized exchange Raydium-meaning they've reached the $69,000 market capitalization required for listing, a figure that's kept relatively stable in recent times.
While the recent launch of Tron’s SunPump siphoned off some of the liquidity on Pump.fun initially, it has more recently suffered its own downturn, with the daily token launches falling below 1,000.
During the peak of the summer, Pump.fun was launching up to 20,000 tokens a day. Today, that number is significantly lower, with between 4,500 and 8,000 tokens launched daily.
The protocol remains, however, the fastest-growing crypto app that has ever existed. Only a little more than seven months into its launch, it has hit $100 million in revenue.
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