In fact, most of the cryptocurrencies created on the Solana memecoin generator, pump.fun, have never appeared on the market.

Dune Analytics data shows that the success rate of pump.fun cryptocurrency tokens being included in the Solana-based Raydium decentralized finance protocol is 1.41%, ranging between 1.21- 1, 41% since May. The all-time high of 2.56% was reached on February 16.

Cochran further pointed out that no new coin has “really surpassed” the $20 million Fully Diluted Valuation (FDV) – a measure of the overall value of a cryptocurrency if all coins are all circulated.

“All of this shows that we are finally breaking the vicious cycle of memes.”

Crypto commentator and web3 developer Bread points out that only 22,300 tokens out of the 1.58 million created actually made it into Raydium.

However, other commentators believe that the success rate is not reflective of the memecoin market as a whole, it just shows how easy pump.fun makes creating memecoins possible.

“Pump fun doesn't destroy memecoins, it shows us how to create these tokens and the process is very easy,” commentator Bunjil shared.

Although only a few have been launched, the fee revenue from it is significant. Pump.fun charges a 1% trading fee until the token reaches the market capitalization threshold. There have been several cases where pump.fun's revenue surpassed Ether in the same period of time.

On July 29, Pump.fun accumulated about $864,000 within 24 hours, about 57% more than the $550,000 Ethereum achieved during the same period.

The tool has become trendy among celebrities for creating and promoting memecoins, most notably Caitlyn Jenner, Iggy Azalea (real name Amethyst Kelly), Jason Derulo (real name Jason Desrouleaux) and many others , who have been launching and promoting tokens using their images since May.

Total memecoin market capitalization reached $44.94 billion, down 2.67% over the past 24 hours while trading volume increased 27.29%, reaching $4.48 billion.

Among the top 100 memecoins by market capitalization, Book of Memes (BOME) is the only memecoin to increase in price over the past seven days as of July 26, up 14.79% and trading at $0.009.

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