TLDR
- The launches of pump tokens.
- The daily tokens completing the link went from almost 1,200 to around 200
- Recent scandals of the same, including Libra tokens and Trump, have embittered the feeling of retail
- Pump.fun’s X account was hacked on February 26 to promote false tokens
- The platform revenues increased from $ 15.4 million in January to $ 1.1 million at the end of February
The samecoin Pump.fun’s creation platform experienced a sharp drop in activity in the last month when the last even even craze is cool.
Statistics tell a clear story. The launches of daily tokens on Pump.
The decline is even more austere when looking at tokens that complete the “liaison curve” process. This crucial step is necessary before a same can be listed on Raydium, the main decentralized exchange of Solana.
The tokens completing this link process went from nearly 1,200 per day in January to around 200 before February. This represents a drop of more than 80% compared to advanced activity.
The time of the peak is not a coincidence. January 23 to 24 saw record figures shortly after Donald Trump unveiled his official same and was inaugurated as president. This period marked the height of the same mania.
Trading volumes tell a similar story of decline. Pump.Fun Graduated Tokens has reached a record of daily negotiation volumes of more than $ 3 billion during the peak of January. These figures have since radically fallen.
The percentage of tokens that managed to “graduate” at Raydium also decreased. This rate culminated at 2.1% in June 2024, but fell to bottom of all time of 0.7% by February 2025.
Several factors have contributed to this cooler of the same market. A series of large -scale scandals has left many retail merchants to be wary of space.
Token balance
A major incident involved the balanced tokenwho seemed to be approved by Argentinian President Javier Milei. The token erased around $ 4.4 billion of market value in the hours of launch on February 14.
Merchants have also lost about $ 2 billion out of 800,000 portfolios on Trump’s official same (Trump) since January. These losses have attenuated enthusiasm for the new launches of tokens.
Even Pump.fun himself became a victim of fraud. On February 26, the Platform Social Media account was hacked. The attackers used it to promote a false governance token called “pump” and other fraudulent pieces.
The platform has also been faced with other challenges. Law firms demanded that Pump. This includes the unauthorized use of the company’s names and logos.
A collective appeal brought in January also continued the platform. The pursuit alleys that Pump.fun has offered and sold “highly volatile” titles not registered with investors.
Critics have also targeted the structure of platform costs. According to data from the investment company of Crypto Hashed, Pump.fun has won more than 3 million soil in total income since its launch in January 2024.
The revenues of the platform followed the same downward trend as other measures. Daily income culminated at $ 15.4 million on January 25, but fell to only $ 1.1 million on February 26.
Blockchain analyzes show that on February 26, Pump.fun filed more than 2.4 million soil at Crypto Exchange Kraken. The platform has also sold more than 264,000 soil for USDC Stablecoins.
This drop occurs after a remarkable period of growth for Solana. The blockchain saw its total locked value (TVL) go from around $ 1.4 billion to more than $ 9 billion in 2024, widely driven by trading.
A report by the Crypto Messari’s research company stressed that application income in Solana increased 213% in the fourth quarter of 2024. This growth was mainly attributed to same speculation.
The wider market of the same has suffered. The same GMCI index, which follows the largest mecoins by market capitalization, fell by more than 30% in the last month and 45% up to date.
The co-founder of Pump.fun, Alon, expressed his disappointment with the recent events. In an article on February 17 on X, he declared that he was “disgusted” by incidents such as the collapse of the balanced token. He noted that he had designed Pump.
I am disgusted by the events that have happened in the past few days $ Libra. The people behind this project carried out substantial personal gains to the detriment of many users, the ecosystem and even of an entire country.
I hope that responsible people get what they deserve.
I am…
– Alon (@ a1lon9) February 17, 2025
Ground, the native token of the Solana blockchain, did not escape the slowdown. It is currently negotiated at around $ 140, having dropped more than 40% in the last month.