Solana -based Memecoin Launchpad Pump.fun has significantly reduced tokens from the platform with the latest Memecoin Frenzy Fizzles.
Pump.fun tokens enter the bonding curve in creation. This increases the price as you buy more tokens. When the market capitalization of the token reaches about $ 100,000, it is “graduates” and is listed on the distributed Exchange Raydium. Pump.fun then deposits about $ 17,000 in Raydium’s swimming pool and burns the relevant liquidity token to maintain the liquidity and reduce the risk of pulling.
PUMP.FUN TOKENS was launched in January after President Trump and Melanie Ah Trump’s famous Memecoin was launched, and Argentina President Javier Milei launched a controversial token and founder Dave Fort Non She, the founder of Baspool Sports. After the Shenanigans, he climbed high from the latest memo, following the crescendo.
A few days after Donald Trump revealed his official memes and took office as president, according to the sandy hill analysis dashboard, pump on January 23. This matched Pump.fun’s record daily trading volume, Fun graduated from $ 3 billion tokens.
However, the number of daily tokens launched in almost one -third of the peak in January, and began on February 26 after 25,385 tokens declined rapidly.
Pump.fun tokens started by date. Image: Sand Hill Analysis.
A total of 24,008 tokens were done last month. However, the number of tokens graduated this month near the end of February collapsed 11,532, less than half of the January figures. Last week, 2,184 tokens graduated from this week’s 717, which was first mentioned by community member Noman.eth.
According to the data dashboard of the block, as the graduation rate increased significantly, 2.1%of the graduation rate was 2.1%in June 2024. According to the data dashboard of the block, it decreased to 1.6%earlier this week and decreased to 1.6%earlier this week.
Why is pump.fun dumping?
Memecoins was one of the most difficult hits in Crypto Market Sallofy recently when merchants were tired of permanent extraction of multiple token pumps and dumps. The GMCI MEME index, the largest Memecoins, has fallen more than 30% over the past month and 45% after over -advertising.
The company has recently faced a variety of legal issues, and early this month, the platform demanded to remove a memo coin that violates customer’s intellectual property, including the company name and logo. Group lawsuits in January also sued the pump.
The hacking pump X account of the pump is not a problem to promote backlash against the fraudulent tokens and its own AMM functions, and backlash to replace Raydium.
PUMP.FUN has also been criticized for the level of fees. According to the data from Crypto Investment Forms Hashed, the platform has earned more than 3 million revenue since its launch in January 2024.
Like other indicators, the pump daily revenue peaked at $ 15.4 million on January 25, and then fell to $ 1.1 million on Wednesday.
According to the Blockchain Analytics Platform Lockonchain, PUMP.FUN has added 2,433,286 SOL to encryption cracake as of February 26 and additional 264,373 SOL for USDC. SOL is currently trading for about $ 140 depending on the Solana Price page of the block and has fallen more than 40% over the past month.
SOL/USD price chart. Image: Block/Trading View.
The block reached out to pump.fun for comments.
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