Profitable new token listings on memecoin platform Pump.enjoyable are down greater than 80% from January highs, in response to knowledge from Dune Analytics.
The day by day variety of tokens finishing Pump.enjoyable’s “bonding curve,” a prerequisite to itemizing on a decentralized alternate (DEX), is all the way down to about 200 on Feb. 26 from as excessive as almost 1,200 on Jan. 23 and 24, in response to data from Dune Analytics.
Bonding includes bootstrapping buying and selling liquidity in Solana (SOL) tokens straight on Pump.enjoyable earlier than a memecoin migrates to Raydium, Solana’s hottest DEX.
General Pump.enjoyable token launches — regardless of whether or not they end bonding — adopted the same trajectory, dropping from highs of greater than 70,000 on Jan. 23 to roughly 25,000 on Feb. 26, Dune data confirmed.
Pump.enjoyable tokens finishing bonding every day. Supply: Dune Analytics
Associated: Solana shorts spike amid memecoin scandals
Dampened sentiment
Exercise on Pump.enjoyable and on the Solana community declined in February after a collection of memecoin-related scandals soured sentiment amongst retail merchants.
Solana noticed explosive progress in 2024 largely due to memecoin buying and selling, with the chain’s complete worth locked (TVL) growing from round $1.4 billion to greater than $9 billion that 12 months, according to DefiLlama.
Within the fourth quarter of 2024, software revenues on Solana elevated by 213%, primarily as a result of memecoin hypothesis, in response to a report by crypto analysis agency Messari.
Nevertheless, in 2025, insider promoting and large losses for retail started to bitter sentiment on Solana’s memecoin ecosystem.
On Feb. 14, Libra (LIBRA), a memecoin seemingly endorsed by Argentine President Javier Milei, erased some $4.4 billion in market capitalization inside hours of launching.
Pump.enjoyable co-founder Alon said in a Feb. 17 X submit he was “disgusted” by the occasions surrounding Libra, including he designed Pump.enjoyable as a approach to “democratize coin creation to construct in a baseline degree of security, simplicity, and equity for each launch.”
Since January, merchants have misplaced roughly $2 billion throughout 800,000 wallets on Official Trump (TRUMP), US President Donald Trump’s official memecoin.
The TRUMP launch was “the clearest doable instance of the insider sport reaching its apex,” Westie, a Blockworks analysis analyst, said in a Feb. 16 article on X.
Even Pump.enjoyable itself fell sufferer to a memecoin rip-off. On Feb. 26, the Pump.fun X account was compromised to advertise a faux governance token referred to as “PUMP” and different fraudulent cash.
Journal: Trump’s crypto ventures raise conflict of interest, insider trading questions
