Pump.fun has seen a sharp decline in token launches and graduations from its system.
Pump.fun has seen a sharp decline in token launches and graduations from its system. Data from Dune Analytics reveals that the number of tokens completing Pump.fun’s bonding curve process has dropped by over 80%. On Jan. 23 and 24, nearly 1,200 tokens were being launched daily, but by Feb. 26, this number had fallen to around 200. Similarly, the total number of tokens launched daily dropped from 71,735 on Jan. 23 to just 25,000 by Feb. 26.
This decline in activity follows a series of scandals that have impacted the sentiment among retail traders in the meme coin market. One of the most significant events was the crash of Libra (LIBRA), a meme coin linked to Argentine President Javier Milei, which lost $4.4 billion in market capitalization just hours after its launch on Feb. 14. The launch of the Official Trump meme coin (TRUMP), associated with U.S. President Donald Trump, also contributed to the downturn, with traders losing around $2 billion across 800,000 wallets. This series of high-profile controversies has left meme coin traders feeling disillusioned.
The decline in token graduations on Pump.fun mirrors the broader downturn in the Solana blockchain’s meme coin ecosystem. While Solana saw explosive growth in 2024, its total value locked (TVL) rising from $1.4 billion to over $9 billion, the sentiment surrounding Solana’s meme coins soured in early 2025. The number of Pump.fun tokens successfully graduating to Solana’s popular decentralized exchange, Raydium, has dropped significantly, from 24,000 in January to just 11,532 in February. This downward trend has continued, with only 717 tokens graduating in the final week of February, down from 2,184 the previous week.
Pump.fun itself has faced criticism for its role in these scandals. Co-founder Alon expressed his dissatisfaction with the situation in a Feb. 17 post on X, stating he was “disgusted” by the events surrounding Libra. He emphasized that Pump.fun was designed to offer a safer, more democratic approach to coin creation. However, the platform has also faced legal challenges, including a class-action lawsuit filed in January, accusing it of selling unregistered, highly volatile securities. Furthermore, Pump.fun has been under pressure to remove meme coins that allegedly infringe upon intellectual property rights.
Despite the decline in activity, Pump.fun has continued to see significant financial transactions. As of Feb. 26, the platform had deposited more than 2.4 million SOL to the Kraken exchange and sold 264,000 SOL for USDC. Meanwhile, Pump.fun’s revenue has dropped drastically, from $15.4 million on Jan. 25 to just $1.1 million by Feb. 26. With the meme coin hype fading and legal challenges mounting, it remains to be seen how Pump.fun will adapt to the changing market conditions.
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