Solana meme coin factory Pump.fun has failed to keep more than 100 tokens above the $1 million market cap milestone. This comes as the protocol starts to fall out of favor after its summer-time high.
A total of 89 Pump.fun coins are currently above a market cap of $1 million, according to Pump.fun. This means just 0.0045% of the near 2 million tokens are sitting above $1 million.
That said, over the past 24 hours, only 1.5% of tokens launched have “graduated” to Solana decentralized exchange Raydium by hitting a $69,000 market cap. This figure has approximately stayed consistent for some time. And at the time of writing, roughly 0.3% of graduated Pump.fun meme coins have a market cap greater than $1 million.
While these figures may sound shocking, it doesn’t paint that stark a picture for the Solana-based meme coin launch pad. Of all the roughly 5,000 Pump.fun tokens on CoinGecko, the protocol represents 12% of meme coins above $1 million. For a protocol that is just nine months old, that’s not a bad showing.
It is important to note, however, that many tokens above $1 million are not on CoinGecko—including half of Pump.fun's meme coins that have passed the milestone.
This comes as traders start to lose interest in the protocol after Tron’s SunPump stole some liquidity that appears to have not fully come back even as SunPump sees its own drawback. At one point SunPump flipped the Solana protocol for daily tokens launched but has since fallen out of favor—with less than 1,000 tokens being deployed each day.
Despite this, traders haven’t flocked back to Pump.fun in swarms.
Over the summer, Pump.fun was responsible for the deployment of up to 20,000 tokens a day. But more recently, the range has been from 4,500 to 8,000. In turn, the protocol became the fastest growing crypto app in history reaching $100 million in revenue in just over seven months from launching.
“Pump.fun has most definitely become stale,” pseudonymous trader Bastille told Decrypt, “scams have become too rampant.”
That slowdown means no new tokens have broken into the top 5 largest meme coins created by Pump.fun. The newest recent introduction is FWOG, which was created on July 30, following a previous project falling apart and the community looking to save the artist. Within the top 10, APES is the most recently created, despite being launched almost a month ago.
To find a meme coin launched in September, you have to drop to the 39th largest token on the protocol, Electric Dog Modish (EDM), which currently sits at $3.4 million market cap.