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While the broader crypto market is experiencing bearish trends, several cryptocurrencies are experiencing reduced attention. Meme coins are among such assets.
On-chain data from the blockchain analytics platform Dune reveals that meme tokens created using the Solana-based meme coins generator Pump.fun have declined to lows from September 2024. As of this writing, the total tokens launched on the meme token generator have dropped below 12,000.
Pump.fun Tokens Down
Since its debut in January 2024, Pump.fun has become a go-to platform to create meme coins on the Solana blockchain. This is mainly because the platform allows users to deploy meme tokens with minimal or zero programming language knowledge and technical expertise in creating and managing a cryptocurrency.
According to Dune, the meme coin generator has birthed hundreds of thousands of meme tokens in just over a year. Pump.fun saw its peak number of created tokens in a single day on January 23rd when over 71,700 meme coins were launched.
Notably, Pump.fun aided the creation of viral meme coins like TRUMP. Although TRUMP made waves shortly after its debut, it failed to garner attention weeks later. An earlier report shed light on how low the Trump-themed meme token has gone, dropping from being the second-largest meme coin by market cap ranking to a cataclysmic 82% decline from its all-time high. This unsustained long-term growth and other legal issues facing Pump.fun and its tokens have likely triggered users to refrain from using the platform.
After the sudden mid-February crash of the Solana-based meme coin LIBRA tied to the Argentine president Javier Milei, Pump.fun saw reduced engagement in fees, users, and tokens generated.
Way Back Up?
It remains uncertain how Pump.fun will garner the attention and user engagement it once had. Still, crypto experts believe meme coin projects with sustainable utilities will weather the ongoing bearish trend.
These utilities/use cases can include incorporating non-fungible tokens (NFTs), decentralized applications (dApps), artificial intelligence (AI) tools, etc., into their ecosystem.
