Profitable new token listings on memecoin platform Pump.enjoyable are down greater than 80% from January highs, in keeping with 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 practically 1,200 on Jan. 23 and 24, in keeping with knowledge from Dune Analytics.
Bonding includes bootstrapping buying and selling liquidity in Solana (SOL) tokens instantly on Pump.enjoyable earlier than a memecoin migrates to Raydium, Solana’s hottest DEX.
Total Pump.enjoyable token launches — no matter whether or not they end bonding — adopted an identical trajectory, dropping from highs of greater than 70,000 on Jan. 23 to roughly 25,000 on Feb. 26, Dune knowledge 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 yr, in keeping with DefiLlama.
Within the fourth quarter of 2024, software revenues on Solana elevated by 213%, primarily resulting from memecoin hypothesis, in keeping with 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 stated in a Feb. 17 X publish he was “disgusted” by the occasions surrounding Libra, including he designed Pump.enjoyable as a strategy to “democratize coin creation to construct in a baseline stage 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 recreation reaching its apex,” Westie, a Blockworks analysis analyst, stated in a Feb. 16 article on X.
Even Pump.enjoyable itself fell sufferer to a memecoin rip-off. On Feb. 26, the Pump.enjoyable X account was compromised to advertise a faux governance token known as “PUMP” and different fraudulent cash.
Journal: Trump’s crypto ventures elevate battle of curiosity, insider buying and selling questions
