Solana-based platform Pump.fun has seen a significant drop in trading activity, according to Dune Analytics data.
Decline in Trading Volume
The platform's trading volume dramatically decreased from $119 billion to $44 billion between January and February 2025. Trading volumes for new tokens also dropped by 94%, reaching around $170 million.
Slowdown in New Token Launches
The daily number of new tokens launching on Pump.fun has sharply decreased from a peak of 1,200 in January to less than 300 in early March. The token graduation rate has also slowed, reflecting a decline in tokens moving to Raydium.
Causes and Consequences
Co-founder Alon Cohen attributed the slowdown to general market conditions, noting that the platform's market share has remained stable. Growing distrust in meme projects is exacerbated by events like 'Libragate'. In response, Pump.fun has launched a mobile app and is preparing to release a native automated market maker.
Despite the decrease in activity, Pump.fun remains a noteworthy platform in the Solana ecosystem. Its future development is linked to market changes and regulatory actions.
