Buying and selling quantity on Pump.enjoyable, a token launchpad within the Solana ecosystem, has plunged 63% from January to February 2025, knowledge from Dune Analytics exhibits. The decline comes as memecoins face mounting scrutiny amid a string of scandals.
In whole, the platform’s buying and selling quantity declined from $119 billion to $44 billion within the first two months of 2025, with $2.1 billion in buying and selling exercise recorded previously 4 days.
As Cointelegraph reported, new token listings on Pump.enjoyable are additionally down. After seeing a excessive of practically 1,200 tokens per day on Jan. 24, the quantity dropped under 300 per day in early March.
Pump.enjoyable month-to-month buying and selling quantity (in inexperienced). Supply: Dune Analytics
Whereas Pump.enjoyable’s February buying and selling quantity is the bottom since October 2024, it’s nonetheless the corporate’s fourth-highest because it launched in January 2024.
In feedback to Cointelegraph, Pump.enjoyable co-founder Alon Cohen attributed the slowdown in exercise to the crypto market’s general downturn. “When the market trades down, altcoins in addition to memecoins commerce down, and exercise throughout crypto — together with on Pump.enjoyable — slows down,” Cohen stated, including that the platform’s “share of income throughout the whole onchain ecosystem has remained basically the identical.”
Pump.enjoyable’s income over the past 30 days got here in at practically $74 million, in accordance with Dune Analytics.
Dampened enthusiasm for memecoins
Memecoin buying and selling, which had been a meta on this present crypto bull run, has taken a slide amongst fears of insider buying and selling, rug pulls and fraud.
Excessive-profile incidents have amplified these issues. One such incident was the so-called “Libragate,” during which a token launched by a gaggle that included the now-infamous Hayden Davis surged in reputation after receiving an endorsement from Argentine President Javier Milei. The token ended up being what many are calling a $107 million rug pull, with 86% of traders having a realized lack of greater than $1,000.
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Anastasija Plotnikova, co-founder and CEO of blockchain regulatory agency Fideum, instructed Cointelegraph that “memecoins have developed from community-driven social experiments right into a chaotic panorama dominated by worth extraction from retail traders.”
Based on Plotnikova, “Insider rings, pump-and-dump schemes, and sniper teams have changed the natural, collectible nature of unique memecoins, creating an unhealthy taking part in discipline.”
Memecoins have caught the eye of the US Securities and Change Fee as nicely. In a Feb. 27 assertion, the SEC confirmed that memecoins aren’t securities, however famous that fraud will nonetheless be policed.
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