Only 89 Out of 2 Million Meme Tokens on Pump.fun Achieve Success

The number of meme tokens issued on the Pump.fun platform has exceeded 2 million. Since its launch, the platform has garnered 713,952 SOL (~$105 million) in fees.

At the time of writing, only 89 tokens (0.0045%) out of the mentioned 2 million have a market capitalization of more than $1 million. 

The 5,000 coins indexed on CoinGecko that originated on Pump.fun constitute 12% of the sector. 

Decrypt explained that half of the assets that emerged on this platform and surpassed the $1 million market cap threshold are not listed on the data aggregator’s website.

The publication noted the recent launch of the competing SunPump platform on the TRON blockchain, which has diverted some liquidity.

Moreover, after an initial surge, interest in the project has gradually waned. The daily growth of new coins on SunPump has fallen below 1,000. In comparison, Pump.fun’s figures have recently ranged from 4,500 to 8,000, reaching 20,000 during the summer.

“Pump.fun has definitely stagnated. Scams have become too widespread”, explained a trader known as Bastille regarding the recent trends.

According to the publication, no new token on Pump.fun has broken into the top five on the platform. 

To find a successful asset launched in September, one must look down to the 39th position—Electric Dog Modish (EDM). Its market capitalization is $3.4 million.

In September, Solana network’s fee revenue fell to a six-month low amid declining popularity of Pump.fun.

Earlier, ForkLog reported that in the same month, the Ethereum competitor platform consumed 150 ETH (~$377,000) in gas fees in a single day.