Pump.fun Activity Drops 56.3% Amid Market Downturn

In the past 24 hours, none of the tokens that have graduated from Pump.fun have exceeded a market value of $1 million. This development comes amidst a broader trend of declining activity on the platform, which has seen a significant drop in the number of tokens deployed daily. The decline in activity on Pump.fun is part of a larger trend in the cryptocurrency market, where investor interest and market capitalization have been on the wane.

The recent performance of tokens on Pump.fun reflects the broader market sentiment, which has been characterized by volatility and uncertainty. The platform, which automatically transitions tokens to Raydium once they surpass a market cap of $69,000, has seen a notable decrease in the number of tokens reaching this threshold. This trend is indicative of the challenges faced by new tokens in gaining traction and maintaining value in the current market environment.

The decline in the number of tokens graduating from Pump.fun is also a result of the broader market downturn, which has seen a significant decrease in investor activity and market capitalization. The market downturn has been particularly challenging for altcoins, which have borne the brunt of the decline. Bitcoin, on the other hand, has strengthened its dominance, reaching 59.1% at the end of the first quarter, its highest level since early 2021.

The decline in activity on Pump.fun is also a result of the recent Libra incident, which sparked a wave of meme coin frenzy and pushed the number of tokens deployed daily on the platform to an all-time high. However, this trend came to an abrupt end with the launch of LIBRA, promoted by Argentine President Javier Milley. Shortly after his tweet promoting it, the token’s price plummeted as developers conducted a Rug Pull, causing its market value to drop from a peak of $4.6 billion to $221 million in just a few hours. This incident has had a chilling effect on the meme coin market, with the number of tokens deployed daily on Pump.fun falling by more than 56.3% from its January peak to 31K at the end of the first quarter of 2025.