Pump Fun's Plunge: Solana Memecoin Mania Loses Steam

The once-thriving Pump Fun activity on the Solana blockchain has taken a nosedive, as the memecoin mania appears to be losing steam. On-chain analyst Darky recently noted that the number of coins bonding had reached near zero, signaling the end of the Pump Fun era.

General Partner of 227Fund, Nooman.eth, detailed a significant drop in graduating token numbers, from 24,008 last month to a mere 186 yesterday. Daily token launches have also fallen, with overall weekly trading volume now matching levels last seen in September 2024.

The decline in bonding activity and token creation suggests a waning interest in the platform, which is affecting liquidity and market participation in Solana. The reduced transaction volumes may signal a broader cooling in the memecoin sector amid a wider market retracement.

The memecoin sector is up around 2% today, but down around 14% over the past 7 days. Over the last 30 days, several memecoins have experienced significant losses, with TRUMP down 52%, MELANIA down 62%, WIF down 54%, and FARTCOIN down 67%. The only 30-day gainers in the top 10 are Dogecoin, up 37%, and PEPE, up 2%. By comparison, Bitcoin is down 15% over the same period.