As the crypto market turns red and attention shifts from many coins, especially meme coins are taking a heavy hit. On-chain data from Dune, the blockchain analysis platform, shows that Solana’s Pump.fun meme tokens have taken a significant dive since September 2024. At the moment, the number of new tokens is below 12,000 – a low point!
Since its kick-off in January 2024, Pump.fun has become the place to drop meme coins on Solana. Why? Simple: you don’t need coding skills or technical wizardry to launch your own token. Anyone can do it, and that’s what makes it such a hit. According to Dune, the platform has spat out hundreds of thousands of meme coins in just over a year. The peak? January 23, with a whopping 71,700 new coins in one day. That’s next level!
Big names like TRUMP also came from Pump.fun’s stable. That token caused quite a buzz after its launch, but after that? Silence. A previous report painfully exposed how hard TRUMP has fallen: from number two in market cap among meme coins to a hefty 82% crash from its all-time high. Not exactly a success story. And then there are some legal headaches around Pump.fun and its tokens – no wonder users are dropping out.
The crash of LIBRA, the Solana meme coin linked to Argentine President Javier Milei, added more fuel to the fire. Fewer fees, fewer users, fewer tokens: Pump.fun is feeling the pain.
How Pump.fun gets back in the spotlight is still a big question mark. But crypto experts have hope. They believe that meme coins with real utility – think NFTs, DApps or AI tools in their ecosystem – can survive these bearish times. No more one-hit wonders, but projects with a plan.
The meme hype on Solana seems to be down for the count. Will Pump.fun reinvent itself, or is this the end of an era? What do you think – time for a comeback, or is the meme coin fever really over?
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