Successful caller token listings connected memecoin level Pump.fun are down much than 80% from January highs, according to information from Dune Analytics.
The regular fig of tokens completing Pump.fun’s “bonding curve,” a prerequisite to listing connected a decentralized speech (DEX), is down to astir 200 connected Feb. 26 from arsenic precocious arsenic astir 1,200 connected Jan. 23 and 24, according to data from Dune Analytics.
Bonding involves bootstrapping trading liquidity successful Solana (SOL) tokens straight connected Pump.fun earlier a memecoin migrates to Raydium, Solana’s astir fashionable DEX.
Overall Pump.fun token launches — irrespective of whether they decorativeness bonding — followed a akin trajectory, dropping from highs of much than 70,000 connected Jan. 23 to astir 25,000 connected Feb. 26, Dune data showed.
Pump.fun tokens completing bonding each day. Source: Dune Analytics
Related: Solana shorts spike amid memecoin scandals
Dampened sentiment
Activity connected Pump.fun and connected the Solana web declined successful February aft a bid of memecoin-related scandals soured sentiment among retail traders.
Solana saw explosive maturation successful 2024 mostly due to the fact that of memecoin trading, with the chain’s full worth locked (TVL) expanding from astir $1.4 cardinal to much than $9 cardinal that year, according to DefiLlama.
In the 4th fourth of 2024, exertion revenues connected Solana accrued by 213%, chiefly owed to memecoin speculation, according to a study by crypto probe steadfast Messari.
However, successful 2025, insider selling and immense losses for retail began to sour sentiment connected Solana’s memecoin ecosystem.
On Feb. 14, Libra (LIBRA), a memecoin seemingly endorsed by Argentine President Javier Milei, erased immoderate $4.4 cardinal successful marketplace capitalization wrong hours of launching.
Pump.fun co-founder Alon said successful a Feb. 17 X station helium was “disgusted” by the events surrounding Libra, adding helium designed Pump.fun arsenic a mode to “democratize coin instauration to physique successful a baseline level of safety, simplicity, and fairness for each launch.”
Since January, traders person mislaid astir $2 cardinal crossed 800,000 wallets connected Official Trump (TRUMP), US President Donald Trump’s authoritative memecoin.
The TRUMP motorboat was “the clearest imaginable illustration of the insider crippled reaching its apex,” Westie, a Blockworks probe analyst, said successful a Feb. 16 nonfiction connected X.
Even Pump.fun itself fell unfortunate to a memecoin scam. On Feb. 26, the Pump.fun X relationship was compromised to beforehand a fake governance token called “PUMP” and different fraudulent coins.
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