According to “Cointelegraph” reports, almost all cryptocurrencies born on Solana’s ecological meme currency issuance platform pump.fun have failed to be listed. Data from Dune Analytics shows that the success rate of tokens created on pump.fun being deployed to Raydium, the Solana ecosystem DeFi protocol, is only 1.41%. Since May, the success rate has consistently ranged between 1.21% and 1.41%.

Source: Dune Analytics

Pump.fun allows anyone to quickly deploy meme coins as long as they provide a name, code and JPG image. The cost is even less than 2 US dollars, and users do not need to provide any start-up capital. The liquidity pool funds are all raised from the community. Once the token market value Successfully reaching $69,000, $12,000 of liquidity will be automatically deposited into Raydium and LP tokens will be destroyed.

Cinneamhain Ventures partner Adam Cochran commented on the social platform on Friday (2nd) that the "promotion rate" of coins on pump.fun has stagnated at around 1.4%, and no new coins have "really broken through" US$20 million. "Fully diluted valuation" (FDV) levels - a measure of the total value of a cryptocurrency if fully circulated - "all this indicates that we are finally clearing the meme cycle."

Web3 developer Bread noted that of the 1.58 million tokens created, only 22,300 were actually listed on Raydium.

Didn't realize how brutal the trenches actually were.Pump MetricsTotal coins launched – 1.58M Amount that graduated to Raydium – 1.4% (!)That's 22,330 total tokens since launch and averaging ~200/d of late.Warriors getting merked on 98/100 tokens playing pre-DEX. pic.twitter.com/8PRfjRyCVw

— BREAD (@0xBreadguy) August 1, 2024

However, other commenters argue that this success rate does not reflect the overall meme coin market. Anonymous cryptocurrency commentator Bunjil believes that pump.fun does not destroy meme coins, it just shows how easy pump.fun makes meme coins to create.

Although only a few tokens were successfully launched, these tokens generated significant fee income for pump.fun, even surpassing Ethereum on several occasions. Data from DeFilLlama shows that pump.fun collected about $864,000 in fees in 24 hours, about 57% higher than Ethereum’s $550,000 in the same period.

pump.fun has set off a craze among overseas celebrities, including transgender media personality Caitlyn Jenner, American celebrity Iggy Azalea, A-list Jason Derulo and other celebrities who have used their own images through pump since May. Fun created and promoted crypto tokens, but most of these tokens subsequently experienced considerable declines. Ethereum founder Vitalik Buterin has also publicly criticized this behavior.

Related articles: "What is Pump.fun?" How to Master Meme Narratives to Become the Most Profitable Application in the Solana Ecosystem" "The chaos of currency issuance by D-class celebrities in the United States intensifies! Pumping up and selling off fans and retail investors" "Ethereum founder Vitalik comments on the chaos of celebrity currency issuance: I am quite dissatisfied so far"

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