According to a report by Cointelegraph, almost all cryptocurrencies created on the Solana ecosystem meme coin launchpad, pump.fun, have failed to be listed. Data from Dune Analytics shows that the success rate of tokens created on pump.fun and deployed to the DeFi protocol Raydium is only 1.41%. Since May, the success rate has consistently ranged between 1.21% and 1.41%.
Pump.fun allows anyone to quickly deploy meme coins by providing a name, code, and JPG image, with costs even lower than $2. Users do not need to provide any startup capital as the liquidity funds are sourced from the community. Once the token’s market value reaches $69,000, $12,000 in liquidity will be automatically deposited into Raydium and LP tokens will be burned.
Adam Cochran, a partner at Cinneamhain Ventures, commented on social media that the “promotion rate” of coins on pump.fun has stagnated at around 1.4% and no new coins have “truly exceeded” a fully diluted valuation (FDV) of $20 million. He stated, “All of this indicates that we are finally getting rid of the meme cycle.”
Web3 developer Bread pointed out that out of the 1.58 million tokens created, only 22,300 actually made it onto Raydium. However, other commentators believe that this success rate does not reflect the overall meme coin market. Anonymous cryptocurrency commentator Bunjil believes that pump.fun has not destroyed meme coins but rather demonstrates how easy it has become to create them.
Despite only a few tokens successfully launching, these tokens have brought considerable fee revenue to pump.fun, surpassing Ethereum at times. Data from DeFilLlama shows that pump.fun collected around $864,000 in fees within 24 hours, about 57% higher than Ethereum during the same period.
pump.fun has sparked a trend among overseas celebrities, including transgender media personality Caitlyn Jenner, American celebrity Iggy Azalea, and A-listers like Jason Derulo, who have all used their images to create and promote cryptocurrencies through pump.fun since May. However, most of these celebrity coins have experienced significant declines. Ethereum founder Vitalik Buterin has publicly criticized this behavior.
Related articles: “What is Pump.fun? How to Master Meme Narratives and Become the Most Profitable Application in the Solana Ecosystem,” “Chaotic Rise of D-List Celebrity Coin Issuance in the United States! Driving up Sales to Harvest Fans and Retail Investors,” “Ethereum Founder Vitalik Comments on the Chaos of Celebrity Coin Issuance: So Far, I am Quite Dissatisfied.”
