In summary
- Solana meme factory Pump.fun has failed to keep more than 100 tokens above the $1 million market cap milestone.
- A total of 89 Pump.fun coins currently have a market cap above $1 million, representing just 0.0045% of the nearly 2 million tokens.
- The protocol has lost popularity since its summer peak, with only 1.5% of tokens released reaching Solana’s Raydium decentralized exchange in the past 24 hours.
Solana meme factory Pump.fun has failed to keep more than 100 tokens above the $1 million market cap milestone. This comes as the protocol begins to lose popularity after its summer high.
A total of 89 Pump.fun coins currently have a market cap above $1 million, according to Pump.fun. This means that only 0.0045% of the nearly 2 million tokens are above $1 million.
That said, over the past 24 hours, only 1.5% of tokens released have made it to Solana’s Raydium decentralized exchange by hitting a market cap of $69,000. This figure has remained roughly constant for some time. And at the time of writing, about 0.3% of “graduated” Pump.fun meme tokens have a market cap greater than $1 million.
While these numbers may seem shocking, they don’t paint such a grim picture for the memecoin token launchpad on Solana. Of all the 5,000 or so Pump.fun tokens on CoinGecko, the protocol accounts for 12% of meme tokens above $1 million. For a protocol that’s barely nine months old, that’s not bad.
However, it’s important to note that many tokens above $1 million are not on CoinGecko, including half of Pump.fun’s meme tokens that have passed the milestone.
This comes as traders begin to lose interest in the protocol after Tron’s SunPump stole some of the liquidity that appears to have not fully returned, even as SunPump experiences its own downside. At one point, SunPump surpassed the Solana protocol in daily tokens released, but it has since fallen out of favor, with fewer than 1,000 tokens deployed each day.
Despite this, traders have not returned en masse to Pump.fun.
Over the summer, Pump.fun was responsible for deploying up to 20,000 tokens a day. But recently, the range has been between 4,500 and 8,000. In turn, the protocol became the fastest-growing Cryptocurrency app in history, reaching $100 million in revenue in just over seven months since its launch.
“Pump.fun has definitely become obsolete,” the trader known as Bastille told Decrypt “scams have become too frequent.”
That slowdown means that no new tokens have entered the top 5 meme coins created by Pump.fun. The most recent introduction is FWOG, which was created on July 30, following a previously collapsed project and the community seeking to save the artist. Within the top 10, APES is the newest, despite having been launched almost a month ago.
To find a meme cryptocurrency launched in September, you need to look all the way to the 39th largest token on the protocol, Electric Dog Modish (EDM), which currently has a market cap of $3.4 million.
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