The volume of trade with Pump.Fun, a token launchpad in Solana’s ecosystem, dropped 63% from January to February 2025, data from Dune Analytics shows. The decline is coming as the Memecoins faced the investigation into the middle of a string of scandals.
In total, the platform trading volume declined from $ 119 billion to $ 44 billion in the first two months of 2025, with $ 2.1 billion in trading activity recorded over the past four days.
As Cointelegraph reportedNew token lists on pump.fun also dropped. After seeing a high of nearly 1,200 tokens per day on January 24th, the number Dropped below 300 each day in early March.
Pump.Fun monthly trading volume (in green). Source: Dune analytics
While pump.fun’s trading volume in February has been the lowest since October 2024, it is still the fourth highest company since its launch in January 2024.
In cointelegraph comments, pump.fun co-founder that Alon Cohen is linking to slowing the activity in the overall collapse of the crypto market. “When the market decreases, altcoins as well as memecoins decrease, and activity throughout crypto – including the pump.fun – slows down,” Cohen said, adding that the “part of the platform income across the onchain ecosystem remained the same.”
Pump.Fun’s income in the last 30 days has arrived at about $ 74 million, According to In Dune analytics.
Dampened enthusiasm for memecoins
Memecoin Trading, which has become a meta in the current run of Crypto Bull, has taken a slide to insider trading fears, rug pulls and fraud.
High-profile incidents have strengthened these concerns. One such incident was The so -called “libragate,” where a token launches a group that includes the Now-no-story Hayden Davis Surged in fame after receiving a endorsement from Argentine president Javier Milei. The token ended up calling a $ 107 million rug pull, with 86% of investors with a realized the loss of more than $ 1,000.
Related: Top Memecoin scams to avoid in February 2025
Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum, said to the cointelegraph that “memecoins have changed from social experiments driven by the community to a chaotic view that is managed by the extraction of value from retail investors.”
According to Plotnikova, “Insider rings, pump-and-dump schemes, and sniper groups replaced organic, collected nature of original memecoins, creating an unhealthy field of play.”
The Memecoins also caught the attention of the US Securities and Exchange Commission. In the statement of Feb. 27, the Sec confirmed that memecoins are not securityBut it is mentioned that fraud is still being volunteered.
Magazine: X Hall of Flame: Defi will rise again after the memecoins died: Sasha Ivanov
