Analytics show a significant decline in successful memecoin listings on Pump.fun since January. In this article, we examine the causes and consequences of this trend.
Token Incubation on Pump.fun
According to Dune Analytics data, the daily number of tokens completing the 'bonding curve' process dropped from nearly 1,200 to about 200 since the end of January. Bonding involves bootstrapping trading liquidity in Solana tokens on Pump.fun before memecoins migrate to Raydium, Solana’s most popular decentralized exchange (DEX). The overall number of token launches on Pump.fun also decreased from over 70,000 to around 25,000.
Challenges in Solana Ecosystem
Activity on Pump.fun and the Solana network declined in February after a series of memecoin-related scandals soured sentiment. Solana experienced explosive growth in 2024 due to memecoin trading, but in 2025 insider selling and massive price swings cooled enthusiasm. For example, the memecoin Libra, allegedly endorsed by Argentine President Javier Milei, lost $4.4 billion in market capitalization within hours on February 14.
Fraud and Scandals
Fraudulent activities also affected Pump.fun: on February 26, their X account was compromised to promote fake governance tokens. Additionally, the TRUMP memecoin, officially associated with former U.S. President Donald Trump, resulted in $2 billion in trader losses. These incidents undermined trust in projects on the platform.
The decline in activity on Pump.fun and in the Solana ecosystem highlights the importance of careful risk assessment when investing in memecoins. Fraud and scandals adversely affect platform credibility and lead to decreased market activity.
