Solana-based meme coin launchpad Pump.Fun is facing challenges as fewer tokens manage to surpass the $1 million market cap milestone. Once a booming platform for meme coin creation, Pump.Fun is now seeing a significant decline in successful token launches.
Token Success Rates Drop
Of the nearly two million tokens created on Pump.Fun, only 89 currently maintain a market cap above $1 million. This marks a sharp decline from its earlier performance, when the protocol saw rapid growth and interest from traders.
Traders Losing Interest
Interest in Pump.Fun is waning, with daily token launches dropping from a peak of 20,000 during the summer to just 4,500 to 8,000 tokens recently. Many traders have expressed concerns about the high rate of scams within the platform, contributing to its decline.
Competition from SunPump
Pump.Fun has also lost liquidity to competing platforms like Tron’s SunPump, which has siphoned off traders and further diminished Pump.Fun’s user base. As the meme coin trend cools off, Pump.Fun’s future remains uncertain.
Source:
Decrypt
