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New Pump.fun Listings Drop By Over 80%
Pump.fun’s token listings have witnessed a staggering drop of over 80%, revealing the decline in activities on the Solana-based memecoin platform. In January, 1,175 tokens had successfully completed the bonding curve and entered active trading on Raydium. However, this number plummeted to just 98 by February 27.
The drastic fall in new listings is further substantiated by data from Dune Analytics, which indicates that Pump.fun’s activities have been on a downward trajectory since January 24. The data highlights a significant decline in the number of tokens completing the bonding curve and entering public trading phase on Raydium.
The plummeting activity can be attributed to several factors, including scandals plaguing the Solana memecoin ecosystem. Insiders report insider trading activities on newly-created memecoins like LIBRA token endorsed by Argentine president Javier Milei. Moreover, TRUMP memecoin holders have reportedly lost roughly $2 billion since January.
Furthermore, Pump.fun’s own shortcomings contribute to this downfall. In November last year, the platform had to deactivate its livestreaming feature after community backlash against memecoin creators’ dangerous stunts to attract investors.
It is likely that the memecoin industry will experience a slump in the foreseeable future as activities on Pump.fun decline.
