Only four tokens out of 8.7 million launched on pump.fun since January 14, 2024, are still holding a market cap over $100 million, according to the project’s own data.
Despite pulling in more than $600 million in total <a href="https://dune.com/adam_tehc/pumpfun" rel="noopener noreferrer nofollow" target="_blank">revenue</a>, the vast majority of tokens created through the Solana-based meme coin launcher have either collapsed in value or disappeared from the market altogether.
The pump.fun platform lets anyone mint a meme coin without any code. It’s open to everyone with a Solana wallet. Since launch, millions of users have flooded it with random tokens. But based on the numbers now, just four of them have stayed strong enough to keep their valuation in nine digits. The rest faded out.
<h3 id="pumpfun-launches-pumpswap-to-keep-token-traffic-in-house">Pumpfun launches PumpSwap to keep token traffic in-house</h3>
On Thursday, pump.fun said it has launched its own decentralized exchange called PumpSwap, which will now handle trading for meme coins and Solana-based tokens created on its platform. This comes just days after Raydium revealed it would launch LaunchLab, a token generator that does exactly what pump.fun does.
The PumpSwap DEX runs on a constant product automated market maker — the same type of trading model used by Uniswap V2 and Raydium V4. It allows users to provide liquidity and trade crypto tokens directly on Solana. According to pump.fun, PumpSwap already supports assets like USDe, PENGU, SEI, Jupiter (JUP), and Wormhole (W).
Each trade on PumpSwap comes with a 0.25% fee. Out of that, 0.20% goes to liquidity providers, while 0.05% goes to the platform. But that setup won’t stay the same. The team said changes are coming that will allow creators to earn a cut of that fee.
<blockquote>
 “Coming soon, a percentage of protocol revenue will be shared with coin creators,” the team at pump.fun wrote in an update. “If it succeeds, millions of dollars will go towards aligning creators with their communities and incentivizing higher quality launches.”
</blockquote>
The exchange also eliminates a key pain point for token creators. Before this, once a coin hit the end of its bonding curve, it had to be manually migrated to another DEX like Raydium. That process often slowed momentum and confused new users. But with PumpSwap, migrations are automatic and free.
<blockquote>
 “Migrations were a major point of friction – they slow a coin’s momentum and introduce needless complexity for new users,” pump.fun wrote in its announcement.
</blockquote>
Until now, most pump.fun tokens ended up moving to Raydium once their bonding phase ended. But now that PumpSwap is live, a lot of that traffic could stay on pump.fun’s own exchange. This is a direct attempt to stop volume from leaking out to Raydium, especially after its LaunchLab reveal.
<h3 id="scammers-use-pump-fun-to-cash-in-on-ripple-hype">Scammers use pump.fun to cash in on Ripple hype</h3>
As the SEC dropped its lawsuit against Ripple, and XRP saw a spike in price, scam coins started popping up on pump.fun almost immediately. Scammers rushed to create Ripple-themed tokens to fool users chasing the news.
Tokens like RippleDrop (RDROP), RippleRoar (RRRX), XRP Ripple (RLUSD), and Ripple Victory (RVY) all went live just after the court news dropped. Each of them used names clearly designed to mislead users into thinking they were legit Ripple-related projects.
None of them were real. Most had a market cap of just $2,000 to $3,800 before fading away. They were low-effort cash grabs created to exploit a news cycle. No team, no roadmap, no future — just hype and exit.
This isn’t new for pump.fun. Whenever there’s a big headline in crypto, scammers jump in fast. The platform’s ease of use makes it the go-to for fake token launches. They pick a hot topic, name the token something clicky, launch it, pump it, and disappear.
And with no filters on the platform, this keeps happening. Anyone can deploy a token, no questions asked. It’s a wide open gate. Every time someone buys in without checking the token’s background, they risk getting stuck holding worthless coins.
Most of the people who jumped on those Ripple-themed coins didn’t even realize they weren’t legit. They saw the name, assumed a connection to XRP, and aped in. That’s how fast scams move in this space.
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Only 4 out of all 8.7M pump.fun tokens still hold $100M+ market cap

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