Successful new token lists on the Memecoin platform pump.fun dropped more than 80% from January highs, according to data from Dune analytics.
The day -to -day number of tokens completed the “bonding curve,” a prerequisite to the list in a decentralized exchange (DEX), is up to 200 on February 26 from as high as 1,200 on January 23 and 24, according to Data From Dune Analytics.
Bonding involves bootstrapping trading liquidity in Solana (Sol) Direct tokens at Pump.Fun before a memecoin moved to Raydium, Solana’s most popular dex.
General Pump.Fun Token launched – regardless of whether they finished bonding – following a similar trajectory, which drops from above 70,000 on January 23 to approximately 25,000 in February. 26, Dune Data shown.
Pump.Fun token that has completed bonding each day. Source: Dune analytics
Related: Solana shorts spikes in the middle of memecoin scandals
Dampened sentiment
The activity at Pump.Fun and the Solana Network declined in February after a series of memecoin -related scandals related to retail businessmen.
Solana saw the explosion in 2024 mainly due to memecoin trading, with a total chain amount locked (TVL) rising from around $ 1.4 billion to more than $ 9 billion that year, According to In Defillama.
In the fourth quarter of 2024, Solana’s application revenue increased by 213%, especially due to memecoin’s speculation, according to a crypto research firm Mesari report.
However, in 2025, the sale of the insider and large losses for retail began to be sour emotions in Solana’s Memecoin ecosystem.
In Feb. 14, Libra (Libra), a Memecoin that seemed to be sponsored by Argentine president Javier Milei, Deleted some $ 4.4 billion in market capitalization Within the time of launch.
Pump.Fun co-founder wave Says In a post of February 17 x he was “disgusted” by the events surrounding Libra, he added the designed pump.fun as a way to “i -democratize the creation of coins to form a level of baseline of safety, simplicity, and fairness for each launch.”
Since January, entrepreneurs have lost about $ 2 billion in entire 800,000 wallets in the official Trump (Trump), official memecoin of President Donald Trump’s president.
Trump’s launch is “the brightest possible example of a insider game that extends to its top,” Westie, a research analyst at Blockworks, Says In an article of Feb. 16 in X.
Even the pump.fun itself was victimized by a Memecoin scam. In Feb. 26, the The Pump.Fun X Account is compromised To establish a fake management token called “pump” and other fraudulent coins.
Magazine: Crypto adventures of Trump’s crypto raises conflict of interest, insider trading questions
